ESAs published additional questions and answers (Q&A) on the Key Information Document (KID) requirements for Packaged Retail and Insurance-Based Investment Products (PRIIPs), as set out in the Delegated Regulation (EU) 2017/653, which was published on April 12, 2017.
The Q&A document includes answers to questions linked with the presentation, content, and review of the KID, including the methodologies underpinning the risk, reward, and costs information. The KID is a mandatory, three-page A4 information document to be provided to consumers before purchasing PRIIPs. PRIIPs include funds, structured products, unit-linked and with-profits life insurance contracts, and structured deposits. The questions in this Q&A were raised by different stakeholders, such as product manufacturers and distributors. ESAs will continue to answer further questions and will subsequently publish them. This Q&A document aims to promote common supervisory approaches and practices in the implementation of the KID and supplements the existing guidance materials published by ESAs. The KID needs to be provided by those who produce or sell investment products to consumers since January 01 2018.
Keywords: Europe, EU, Insurance, PRIIPs, KID, Q&A, PRIIPs Regulation, EC, ESAs
Previous ArticleAPRA Welcomes Treasury Laws Amendment Bill 2019 on Superannuation
EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.
EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.
APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.
EBA published the quarterly risk dashboard, along with the results of the Risk Assessment Questionnaire survey among 60 banks and 15 market analysts.
ECB concluded the public consultation on the introduction of a digital euro in EU.
ECB published a guide that sets out the supervisory approach to consolidation in the banking sector.
The SRB Chair Elke König published an article setting out work priorities for 2021.
FDIC has selected 11 technology companies—including BearingPoint, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the third and final phase of the rapid prototyping competition.