PRIIPs: Time to stop KIDing around?
Publication of the revised Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulatory Technical Standard (RTS)
On March 8th 2017, the European Commission formally adopted a revised PRIIPs RTS. This brings to an end the period of uncertainty following the rejection of the original RTS by the European Parliament last year.
New PRIIPs Regulatory Technical Standards
The new RTS includes changes to address the concerns expressed by the European Parliament in relation to:
- Performance scenarios;
- The disclosure of biometric risk;
- Circumstances in which a comprehension alert is required; and
- Interaction with the UCITS regime and the treatment of multi-option products.
Recap of PRIIPs and Key Information Documents (KIDs)
24 November 2016: EFAMA provided feedback to the European Supervisory Authorities on the European Commission’s draft revised PRIIPs Regulatory Technical Standards (RTS) (view EFAMA’s comments, and the annex thereto).
9 November 2016: The European Commission proposed to delay the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation’s application date from 31/12/2016 to 31/12/2017.