FSMA consultation on the ex-ante notification of the Key Information Document (KID) has been saved
Content of the preliminary draft RD
Persons responsible for ex-ante notification
The preliminary RD distinguishes two situations:
- Where the PRIIP-manufacturer distributes the PRIIP to retail clients in Belgium himself or via other distributors on which he appeals, the PRIIP-manufacturer is responsible for the ex-ante notification.
- Where a third person, not appointed by the PRIIP-manufacturer, distributes a PRIIP to retail clients in Belgium himself or via other persons on which he appeals, this third person will be responsible for the ex-ante notification.
The notification has to be done before the provision of the KID to retail clients in relation to the distribution of the PRIIP in Belgium.
In case the distribution in Belgian concerns a public offering of investment instruments as described in the Act of 16 June 2006 on the public offering of investment instruments and the admission to trading on a regulated market of investment instruments (hereinafter, the Act of 16 June 2006) the KID should be provided to the FSMA at least 5 business days before the start of the public offering or at the moment of the provision of the marketing material to the FSMA for approval where this would be earlier.
The KID should be provided to the FSMA electronically in one of Belgium’s official languages or a language accepted by the FSMA. When the KID relates to a public offering as described in the Act of 16 June 2006 and the provision to the FSMA is combined with the provision of marketing material for approval, the language of the KID should be the same as the language of the marketing material.
Amendments of the RD Life and the Transversal RD
The preliminary draft RD also abolishes Title 2 of the Transversal RD, that relates to the requirement to provide an information document when distributing financial products, together with certain articles in Title 3 relating to the voluntary provision of information documents and to the prior approval of marketing material for insurance products.
In addition, the preliminary draft RD provides in a technical amendment of the RD Life in order to be aligned with the PRIIPs requirements.
Entry into force
The RD would enter into force together with the PRIIPs Regulation on 1 January 2018.