11 November 2015 – The Joint Committee of the European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA – has today launched its Joint Consultation Paper on the Key Information Document (KID) for PRIIPs.
PRIIP stands for Packaged Retail and Insurance-based Investment Product. Examples of PRIIPs are investment funds, life-insurance products and structured products.
As of January 2017, the manufacturers of the PRIIPs have to produce a KID of maximum three pages which describes and presents the risks, rewards and costs of the product in a standardized and consumer-friendly manner.
The ESAs now invite stakeholders to comment on the draft Regulatory Technical Standards it has developed on the content and presentation of the KID. The deadline for the submission of comments is January 29, 2016. A public hearing will be held on December 9, 2015.
Relevant links:
- Consultation Paper on PRIIPS Key Information Documents
- Finance Watch webpage on PRIIPS (Level 2/3)