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The EESC welcomes the proposals to establish a system of "simple, transparent and standardised" securitisation (STS securitisations), that should enable significant additional resources to be generated for bank funding. That is very important, for SMEs and households in particular. There should be clarity as to the risk involved and who bears that risk, taking account of the whole chain from the issuer to the investor. It is important now is that the mistakes of the past are not repeated. Small investors and consumers should not have access to securitisation due to the complexity and risk involved, the Committee calls for a formal prohibition to be explicitly included in the texts.
Regulation (EU) No 1286/2014 requires the production of key information documents for packaged retail and insurance-based investment products. It will be directly applicable as of 31 December 2016. In view of the exceptional circumstances that have delayed the adoption of the delegated regulation, due to the rejection of the European Parliament, the Commission proposes postponing the application of regulation (EU) No 1286/2014 by 12 months in order to reduce legal uncertainty and allow the PRIIP manufacturers more time to prepare for the application of the new rules.