PRIIPs Newsflash: PRIIPs KID RTS adopted by European Commission
An overview of the regulatory technical standards on key information documents (KID) adopted under the Packaged retail and insurance-based investment products (PRIIPs) Regulation.
The European Commission adopted today the revised regulatory technical standards (RTS) on PRIIPs together with revised Annexes.
This is an amended version of the RTS that was rejected by the European Parliament in September.
The European Commission's amendments to the RTS concern multi-option PRIIPs, performance scenarios, the comprehension alert in the KID and the presentation of administrative costs in relation to biometric components of insurance-based investment products.
In addition, under Article 14(2) of these amended RTS, PRIIP manufacturers may use the KID drawn up in accordance with the UCITS Directive to provide specific information for the purposes of Articles 11 to 13 of the RTS where at least one of the underlying investment options is a UCITS or certain non-UCITS funds.
The RTS will now be scrutinised by the European Parliament and the Council who have until 08 June 2017 to object to it. If the RTS is not objected to within this timeframe then it will be published in the Official Journal of the European Union and enter into force 20 days later. The RTS will apply form 01 January 2018.
