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July 04, 2017

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

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