The European Commission released guidelines on interpreting and implementing the PRIIPs Regulation, seeking to avoid potential differences in interpreting it by stakeholders throughout the Union.
The guidelines mention, between others: Multi-option PRIIPs (which was a hot topic in the past), insurance-based investment products with both PRIIPs and non-PRIIPs as underlying investment options, translation of KIDs and "on demand" or "real time" KIDs.
EFAMA and Insurance Europe, the European insurance and reinsurance federation and members of the European working group, have now endorsed and completed the data exchange templates - EPT and CEPT.
The European PRIIPs template (EPT) contains the minimum information required from the asset managers in order for insurers to be able to produce the Key Investor Document (KID).
The Comfort European PRIIPs template (CEPT) contains a set of additional information which can be used, for example, by the MOP manufacturer for performing calculations.
PRIIPsHub is fully supporting the EPT and CEPT templates developed by the European working group.
We are happy to announce that PRIIPsHub has reached a key milestone, by receiving commitments from more than 100 distributors to use PRIIPsHub as their source of either KID for PRIIPs documents and/or PRIIPs and MiFID II Target Market data.
At the same time we see a strong interest from product issuers and service providers to work together with the utility infrastructure initiative, to facilitate their document and data exchange needs or to extend the value chain of their own document production services.
“We are very happy with the evolution. The challenge the industry is facing requires a strong cooperation from all stakeholders to succeed with the tight deadline of 1st of January set by the commission” says Carsten Mahler, CEO of PRIIPsHub.
Contact Bianca Popa at [email protected] to learn how PRIIPsHub supports product manufacturers, service providers and distributors.
The UK's Financial Conduct Authority (FCA) has published a Policy Statement which relates to the recent developments with the PRIIPs RTS and the feedback received to the Consultation Paper released in July 2016.
The paper contains disclosure rules, which will be applicable from the same date as the PRIIPs regulation.
It also includes a list of products considered to be PRIIPs or non-PRIIPs.