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
HKMA is consulting on revisions to the Supervisory Policy Manual module CR-G-14 on margin and other risk mitigation standards for non-centrally cleared over-the-counter (OTC) derivatives transactions.
PRA provided further information on the application of regulatory capital and IFRS 9 requirements to payment holidays granted or extended to address the challenges arising from COVID-19 outbreak.
HKMA announced the publication of a report on fintech adoption and innovation in the banking industry in Hong Kong.
BIS published a working paper that examines the drivers of cyber risk, especially in context of the cloud services.
ECB launched consultation on a guide specifying how the Banking Supervision expects banks to consider climate-related and environmental risks in their governance and risk management frameworks and when formulating and implementing their business strategy.
ECB published an opinion (CON/2020/16) on amendments to the prudential framework in EU in response to the COVID-19 pandemic.
EBA published a report that examines the interlinkages between recovery and resolution planning under the Bank Recovery and Resolution Directive (BRRD).
SRB published the final Minimum Requirements for Own Funds and Eligible Liabilities (MREL) policy under the Banking Package.
US Agencies (FDIC, FED, and OCC) published a final rule that makes technical changes to the March 31, 2020 interim final rule that provides a five-year transition period for the impact of the current expected credit loss (CECL) methodology on regulatory capital.
ECB published results of the March 2020 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets.