On Wednesday 21 September, the member states decided not to issue a formal objection to the draft implementing measures of the European Commission aiming to refine the content of the pre-contractual information that retail investors may use as a basis before purchasing a financial product.
Nineteen countries (Germany, Belgium, Bulgaria, Cyprus, Croatia, Denmark, Estonia, Finland, France, Greece, Hungary, Ireland, Luxembourg, Malta, Portugal, the Czech Republic, the United Kingdom, Slovakia and Slovenia) representing less than 60% of the EU population do, however, want to officially reject the draft measures, as the European Parliament has recently done (see EUROPE 11624).
However, European legislation requires a minimum of 21 countries representing at least 65% of the total population to oppose the adoption of delegated acts. All of these countries except Luxembourg are part of the group of 24 countries calling for the entry into force of the 'Priips' regulation (1286/14) to be postponed until January 2008 (see EUROPE 11628). (Original version in French by Mathieu Bion)