On 29 March 2017, the European Parliament supported a motion to raise no objections to the European Commission's Delegated Regulation of 8 March 2017 for Packaged Retail and Insurance-based Investment Products (PRIIPs) which includes the revised Regulatory Technical Standards (RTS) for the presentation, content, review and revision of Key Information Documents (KIDs) and the conditions for fulfilling the requirement to provide such documents.
OAC was expecting this decision by the European Parliament following the announcement of the revised RTS which is now on course to become law so that the European Supervisory Authorities can proceed with publishing Q&A material to support the implementation of the KID within their domestic markets.
Insurance firms should now be taking steps to plan the implementation of KIDs for their PRIIPs so they meet the deadline of 1 January 2018. If necessary they should seek expert advice so they fully understand the requirements and how their investment products are affected by the Regulation.
OAC will be hosting a series of regional events to provide clarity on the requirements in the RTS, to outline our PRIIPs KID Services (advisory, calculations and the production/checking of KIDs) and where firms can get together to share and discuss the specific challenges they face. For more information about these events and our services please do not hesitate to contact Claire Lightwood for further information.
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Senior Regulatory Compliance Consultant
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