AILO (Association of International Life Offices) has written to EIOPA expressing concerns at the letter sent by the Commission to the Joint ESAs that includes revisions to the regulatory technical standards (RTS) relating to PRIIPS.
A key concern is that Articles 10(a) and 14 remain, although amended, as these would seem to be in excess of the powers granted to the ESAs in their respective founding Regulations, which states: “Regulatory technical standards shall be technical, shall not imply strategic decisions or policy choices and their content shall be delimited by the legislative acts on which they are based”. AILO maintains that it is explicitly clear that Article 14 fails to adhere to these legislative limitations upon the Regulator’s powers.
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