ESMA has published responses received to the joint consultation paper of ESAs concerning amendments to the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs). The consultation was launched on October 16, 2019 and the comment period ended on January 13, 2020. ESMA has published responses from several institutions, including asset management, banking, insurance and pension, investment services, and fintech institutions.
ESAs had proposed to amend the existing rules underpinning the PRIIPs KID. The proposed amendments relate to the empowerment in Article 8(5) of the PRIIPs Regulation about the presentation and content of the KID, including methodologies for calculation and presentation of risks, rewards, and costs within the document. The intention was to address issues that have been identified by stakeholders and supervisors since the implementation of the KID in 2018 and make changes to allow the rules to be applied to investment funds that are expected to prepare a KID from January 01, 2022 onward. The consultation paper proposed changes in the following topic areas:
- Illustrations of what the retail investor might receive in return from their investment (performance scenarios)
- Information on what are the costs of the investment
- Specific issues for different types of investment funds
- Specific issues for PRIIPs offering a range of options for investment (Multi-Option Products)
Keywords: Europe, EU, Banking, Insurance, Pensions, Securities, KID, PRIIPs, Responses to Consultation, ESAs, ESMA
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