The European Parliament on Wednesday rejected draft rules designed to improve the transparency on so-called “packaged retail and insurance-based investment products” (PRIIPs) as not good enough, and passed a resolution calling for changes.

The proposals are so “flawed and misleading” that they could actually cause investors to lose money, EU lawmakers said in a news release.

“Parliament backed the view of its Economic and Monetary Affairs Committee that proposed regulatory technical standards (RTS), which investment providers must meet to provide greater transparency and clarity to investors — are inadequate,” the lawmakers said.

The proposals will now be returned to the EU Commission for revision. The commission will have to come up with new proposals for implementing the PRIIPs legislation, which is due to come into force on Dec. 31.