October 01, 2018

ESAs, in a letter to EC, expressed their concerns about the possibility of duplicating information requirements for investment funds from January 01, 2020 and the importance of legislative changes to avoid such a situation. To support such changes and to address the key issues that have arisen from the practical application of the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs), ESAs intend to propose targeted amendments to the PRIIPs Delegated Regulation.

Taking into account the time needed for the co-legislators to scrutinize any amendments to the Delegated Regulation, ESAs intend to submit proposals to EC in the first quarter of 2019. As part of this process, ESAs intend to launch a short public consultation during the fourth quarter of this year.  The letter responds to two letters received from EC in July and August stating a deferral of the review of the PRIIPs Regulation and requesting guidance from ESAs regarding the information to be disclosed for investment funds.

The KID for PRIIPs is a mandatory, three-page A4 information document to be provided to consumers before they purchase a PRIIP. PRIIPs include funds, structured products, unit-linked and with-profits life insurance contracts, and structured deposits. The PRIIPs Regulation defines the main rules and principles for KIDs. It is supplemented by a Delegated Regulation specifying the presentation and contents of the KID, which is based on regulatory technical standards that the ESAs were mandated to develop.

 

Related Links

Keywords: Europe, EU, Insurance, KID, PRIIPs Regulation, ESAs

Related Articles
News

PRA Finalizes Reporting Amendments to Pillar 2 Liquidity Framework

PRA published the final Policy Statement PS13/19 on regulatory reporting amendments and clarifications to the Pillar 2 liquidity framework for banks in UK.

June 17, 2019 WebPage Regulatory News
News

IAIS Consults on Revisions to IAIS Supervisory Material

IAIS has launched a public consultation on revisions to the IAIS supervisory material.

June 14, 2019 WebPage Regulatory News
News

IMF Paper on Implementing Prudential Standards in Developing Economies

IMF published a working paper that provides practical guidance on how developing economies, including non-Basel Committee member countries, could incorporate international standards into their prudential framework.

June 14, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Second Update for June 2019

EBA published answers to five questions under the Single Rulebook question and answer (Q&A) updates for this week.

June 14, 2019 WebPage Regulatory News
News

FSB Releases Update on Meeting of Regional Consultative Group for Asia

FSB published an update on the meeting of its Regional Consultative Group (RCG) for Asia.

June 14, 2019 WebPage Regulatory News
News

BoE, FCA, and MAS Announce Collaboration on Cyber Security

MAS and UK financial authorities (BoE and FCA) announced that they will work together to strengthen cyber security in their financial sectors.

June 13, 2019 WebPage Regulatory News
News

CBIRC Advisory Committee Holds Meeting, Discusses Regulatory Issues

The first meeting of the International Advisory Committee (IAC) of CBIRC was held in Shanghai from June 11 to 12, 2019.

June 13, 2019 WebPage Regulatory News
News

ECB and EIOPA Publish Common Minimum Standards for Data Revision in EU

ECB and EIOPA published the common minimum standards for supervisory and statistical reporting data by the undertakings in EU.

June 13, 2019 WebPage Regulatory News
News

IMF Reports on 2019 Article IV Consultation with Czech Republic

IMF published its staff report and selected issues report under the 2019 Article IV consultation with Czech Republic.

June 13, 2019 WebPage Regulatory News
News

APRA Response to Proposal on Revisions to Capital Framework for Banks

APRA published a paper in response to the first round of consultation on proposed changes to the capital framework for authorized deposit-taking institutions.

June 12, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3252