The joint committee of ESAs submitted to EC, for endorsement, the draft regulatory technical standards proposing an amendment to the Delegated Regulation (EU) 2017/653, which covers rules for the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs). The amendment will clarify the application of the KID to investment funds, where these are offered as underlying investment options to a PRIIP.
The amendment will follow a recent decision by the European co-legislators to defer the application of the KID to these investment funds by two years, from the end of 2019 to the beginning of 2022. The proposal is intended to provide legal certainty to market participants before the expiry of the current provision in the PRIIPs Delegated Regulation at the end of 2019. The draft regulatory technical standards need to be endorsed by EC, followed by a period of scrutiny from the European Parliament and the Council, before these standards become binding.
Keywords: Europe, EU, Banking, Insurance, Securities, PRIIPs, KID, Regulatory Technical Standards, ESAs