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    ESAs Consult on Changes to Key Information Document for PRIIPs

    November 08, 2018

    ESAs issued a consultation paper on targeted amendments to the Delegated Regulation covering the rules for the Key Information Document (KID) for Packaged Retail and Insurance-Based Investment Products (PRIIPs). The consultation paper addresses amendments to the information regarding investment products' performance scenarios. Performance scenarios are included in the section of the KID titled "What are the risks and what could I get in return?" They indicate how the investment could perform under various different scenarios. The deadline for submission of feedback is December 06, 2018.

    ESAs, on October 01, 2018, set out in a letter to EC their intention to make proposals to support legislative changes to avoid the possibility of duplicating information requirements for investment funds from January 01, 2020 and to tackle key issues that have arisen since the implementation of the KID. The proposals are made in the context of the ongoing discussions between the European co-legislators on the application of the KID by certain investment funds as well as the timing of a wider and more comprehensive review of PRIIPs, which was due this year. The outcome of this targeted review is without prejudice to that wider review. It would be beneficial to conduct such a wider review early in the next term of the European Parliament.

    In addition, when deciding on the nature of their final recommendations following this consultation in January 2019, ESAs will take into account the feedback from respondents to this consultation and the latest information of these political discussions on the application of the KID by certain investment funds and the timing of the wider review. The KID for PRIIPs is a mandatory, three-page A4 information document to be provided to consumers before purchasing a PRIIP. PRIIPs include for example funds, structured products, unit-linked and with-profits life insurance contracts, and structured deposits. PRIIPs Regulation (No 1286/2014) defines the main rules and principles for KIDs. It is supplemented by a Delegated Regulation (2017/653) specifying the presentation and contents of the KID, which is based on regulatory technical standards that ESAs were mandated to develop.

     

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    Comment Due Date: December 06, 2018
    Keywords: Europe, EU, Insurance, KID, PRIIPs, Performance Scenarios, ESAs

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