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The European Supervisory Authorities (ESAs) have decided to initiate a general revision of the content and presentation of the Key Information Document (KID) for packaged retail and insurance-based investment products (PRIIPs), which include structured deposits subject to supervision by Banco de Portugal.
The ESAs’ decision, announced on 8 February 2019, follows a public consultation on an amendment to Commission Delegated Regulation (EU) No 2017/653 of 8 March 2017 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 (PRIIPs Regulation), establishing the regulatory technical standards for KIDs.
This public consultation, which took place from 8 November to 6 December 2018, focused on a specific set of proposals to amend the information provided in the KID, including the necessary adjustments for this pre-contractual information document to also apply to the marketing of investment funds as of 2020 (as provided for in Article 32 of the PRIIPs Regulation) and to address difficulties identified since the implementation of KIDs in early 2018, in particular information provided on performance scenarios.
Considering that the responses to the public consultation carried out by the ESAs were generally opposed to the implementation of specific amendments to those technical standards before the general revision of the PRIIPs Regulation itself – which should be concluded by 31/12/2019 – the ESAs decided:
Not to promote the revision of a specific set of technical standards and to begin immediately the work for a general revision of the Delegated Regulation;
To issue joint guidance, in the form of a non-binding Supervisory Statement, to enhance the information accompanying the table of the performance scenarios in the KID, by drawing attention to the fact that these are likely results only, based on recent market developments, and not necessarily the worst results.
PRIIPs (Packaged Retail and Insurance-based Investment Products) means an investment where, regardless of its legal form, the amount repayable to the retail investor is subject to fluctuations because of exposure to reference values or to the performance of one or more assets that are not directly purchased by the retail investor. They may, among other options, take the form of investment funds, life insurance with an investment element, structured products and structured deposits.
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