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PRIIPS

Overview

The aim of the PRIIPs (Packaged Retail Investment and Insurance-based Products) European regulation is to standardise pre-contractual information regarding packaged financial products (investment funds, derivatives, life insurance-based investment products, etc.) offered to non-professional investors (as defined by MiFID II).

The Regulation requires the product manufacturer to produce a standardised “Key Information Document” (KID) containing the necessary basic information to enable retail investors to understand the product (whether it is a financial, banking or insurance product), and to compare products.

Main provisions

The products concerned are:

However, the following are exempt from producing a PRIIPs KID until 31 December 2019:

However, as soon as the PRIIPs Regulation comes into force1, they will have to provide some information when they are part of other investment vehicles (funds of funds and unit-linked products) which are required to produce their own PRIIPs KID.

1 Initially scheduled for 31 December 2016, and postponed until 1 January 2018 if the Council of the European Union confirms the vote of the European Parliament.

Challenges and opportunities for AIFMs:

Major impacts

There are a number of differences between the PRIIPs KID and the UCITS KIID:

CACEIS SOLUTIONS

The CACEIS services range will be adapted according to progress in discussions between the European bodies, in particular with the RTS as finally determined and accepted by the European Parliament.

The range will include, in particular:

More information

Key dates

  • July 2012

    European Commission proposal for a European regulation on key information documents for investment products.
  • 26 November 2014

    Adoption of the PRIIPs Regulation by the Council and the European Parliament.
  • 1 September 2016

    Rejection of the level 2 RTS (Regulatory Technical Standards) by the European Parliament’s Committee on Economic and Monetary Affairs (ECON).
  • 14 September 2016

    Validation of the rejection of the RTS by the European Parliament.
  • 9 November 2016

    Commission proposal to postpone the application date of the PRIIPs Regulation for one yearCommission's press release
  • 1 December 2016

    Vote by the European Parliament in favour of a postponement until 1 January 2018.
  • 1 January 2018

    Scheduled date of entry into force of the PRIIPs Regulation, subject to a vote by the Council of the European Union, expected during December 2016. 

Related Content

PRIIPs: a new European Regulation