We are happy to announce that FundConnect, through its PRIIPsHub division, is launching a data exchange ecosystem in order for both asset managers and distributors to meet their regulatory needs for Year-End reporting of ex post cost and charges. The PRIIPsHub initiative supports an open and free architecture for Year-End EMT information exchange, providing the pass through of data between any asset managers and any distributor. 


The Regulatory Aspects

Under Article 50 of the MiFID II Delegated Regulation, for increasing transparency and allowing the retail investor to understand the overall cost & charges of their investments, distributors of investment products have to report the aggregated cost & charges information to retail investors by the end of April 2019. 


The PRIIPsHub EMT Ecosystem

PRIIPsHub currently processes EMT data for close to 100.000 ISINs, from over 350 asset managers, with a downstream network of recipients that includes over 400 distributors. 


Asset Managers: 
  • Allow any distributor or fund of funds to gain access to your EMT data with End of Year ex-post costs & charge information as part of a bulk delivery containing data from all participating members of our ecosystem. 
  • Free access in the form of a bulk feed or Look-up Portal to End of Year Ex Post Cost & Charges from over 350 issuers.
  • A clean single feed with only Year-End values
  • A supplementary compliance feed to distributors’ current source


Read more about the ecosystem here 

At the meeting of the European Parliament’s Economic and Monetary Affairs Committee (ECON) on 19 November 2018, a European Commission spokesperson said that they are prepared to accept the proposed time extension on UCITS KIID.

UCITS exemption from the PRIIPs Regulation is currently available until 31 December 2019, but the European Commission statement means that it could be extended to 31 December 2021.

On 8 November 2018, the European Supervisory Authorities (ESAs) issued a joint consultation paper concerning amendments to the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs). 

The proposed amendments are related to:

  • Performance scenarios 
  • Other specific amendments 
  • Amendments arising from the possible end of the exemption in Article 32 of the PRIIPs Regulation

Stakeholders have an opportunity to comment on the proposed amendments to the PRIIPs Delegated Regulation. Comments can be sent to ESAs by 6 December 2018.

Find the Consultation Paper and Comments template here

One of the changes introduced by the new European regulation is a distrinct separation between investment research fees and trade execution fees.

Veneziano & Partners have discussed the various aspects of MiFID II unbundling for U.S. market participants.

Read the full article on Veneziano & Partner's website

Watch Attilio Veneziano discuss the subject