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ESMA consultation – amendments to the PRIIPs KID

ESMA consultation –  Joint Consultation concerning amendments to the PRIIPs KID

Background

  • Joint Consultation concerning amendments to the PRIIPs KID
  • Published by ESMA on 16 October 2019
  • The European Supervisory Authorities (ESAs) welcome comments on this consultation paper setting out proposed amendments to Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 (hereinafter “PRIIPs Delegated Regulation”).
  • Draft amendments to Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 on key information documents (KID) for packaged retail and insurance-based investment products (PRIIPs).

This Consultation Paper proposes amendments to the PRIIPs Delegated Regulation. The main aims of the review are to:

  • Allow the appropriate application of the PRIIPs KID by UCITS and relevant non-UCITS funds4, subject to the potential end of the temporary exemption of such funds from the requirements of the PRIIPs Regulation (see next section below);
  • Address the main regulatory issues that have been identified since the implementation of the PRIIPs KID to those products that are currently in scope.

These proposals follow a previous consultation paper of the ESAs in November 2018 (CP 2018 60) (hereinafter “November 2018 CP”), which had similar aims, but which proposed more targeted amendments to the PRIIPs Delegated Regulation.

Based on the feedback received to that consultation, as well as based on the decision by the co-legislators to extend the exemption for UCITS, the ESAs decided in February 2019 to defer their review and launch a public consultation on more substantive changes later in 2019.

Timeline with relevant dates to be logged on regulatory calendar

  • ESMA Consultation opens on 16 October 2019
  • ESMA Consultation closes on 13 January 2020

Next steps

The European Supervisory Authorities (ESAs) welcome comments on this consultation paper.

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