Date: 20th November 2018
Author: BETTER FINANCE
The Joint Committee of the European Supervisory Authorities launched a consultation on amendments to the Key Information Document for Packaged Retail and Insurance-based Investment Products (PRIIPs).
Since January 1, 2018, the EU PRIIPs Regulation has required providers of PRIIPs to prepare and publish a stand-alone, standardized Key Information Document (KID) for their products. Even though Undertakings for the Collective Investment in Transferable Securities (UCITS) are exempt from the PRIIPs regulation until December 31, 2019, they are required to have a Key Investor Information Document (KIID) in place. Until now UCITS have had their own KIID. So, if no changes are made to EU legislation, UCITS would be subject to duplicate information requirements as of 1 January 2020. To address this situation, the ESAs are proposing to get rid of the UCITS exemption by applying the PRIIPs Regulatory Technical Standards to them.