ESAs published the first set of questions and answers (Q&A) related to the Key Information Document (KID) requirements for Packaged Retail and Insurance-Based Investment Products (PRIIPs). The KID will need to be provided to consumers from January 01, 2018.
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. These questions 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.
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 rules to be applied to for the use of the KID are outlined in the PRIIPs Regulation (EU 1286/2014), which was published on December 09, 2014. The supporting technical rules are presented in the Delegated Regulation (EU) 2017/653 of EC, which was published on April 12, 2017.
Related Link: Q&A on PRIIPs KID (PDF)
Keywords: Europe, ESA, Q&A, PRIIPs, KID, Insurance
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).