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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:


The European Parliament's Committee on Economic and Monetary Affairs of 3 December 2018 on the cross-border distribution of funds approved a two-year extension of the exemption for UCITS provided for in the PRIIP Regulation.

This would postpone the implementation of KID PRIIPs for management companies until the end of 2021.

Note: funds that do not currently have the obligation to publish a DICI must already have set up a PRIIPs KID (in particular foreign retail AIFs).

Challenges and opportunities for AIFMs:

Major impacts

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


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


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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 year

    Commission's press release
  • 1 December 2016

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

  • February 2017

    Publication of the revised RTS

  • 1 January 2018

    Entry into force of the PRIIPs Regulation 

  • End 2019

    Entry into application for UCITS and alternative investment funds which already apply UCITS KIID rules