Asset Managers can now access a finalised version of the PRIIPS Key Information Document (KID), almost 2 years after the European Supervisory Authorities (ESAs) started consultations on how the PRIIPS KID should be amended.
The EC has published a couple of days ago a delegated legal act and a A 46-page annex, amending the regulatory technical standards laid down in the Commission Delegated Regulation (EU) 2017/653. This addresses the underpinning methodology and presentation of performance scenarios, the presentation of costs and the methodology for the calculation of summary cost indicators, the presentation and content of information on past performance and the presentation of costs by packaged retail and insurance-based investment products (PRIIPs).
Some of the specific EC amendments are:
- An improved template for the new KID
- New methodologies underpinning the calculation of appropriate performance scenarios, and a revised presentation of these scenarios
- Revised summary cost indicators and changes to the content and presentation of information on the cost of PRIIPs
- Modified rules for PRIIPs
The date set for the application of this regulation is 1st July 2022. This should allow enough time for anyone impacted by these amendments to make any necessary changes – but you must act soon.
If you are not sure how to approach the new rules, and need help managing all the new data required, Fundipedia are here to help.
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