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  1. Joint Consultation Paper concerning amendments to the PRIIPs KID - Draft amendments to Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 on key information documents (KID) for packaged retail and insurance-based investment products (PRIIPs) (JC 2019 63)
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Published date: 16 October 2019

Joint Consultation Paper concerning amendments to the PRIIPs KID - Draft amendments to Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 on key information documents (KID) for packaged retail and insurance-based investment products (PRIIPs) (JC 2019 63)

Closed
13 January 2020
Comparing proposed amendment...
1. Responding to this Consultation
2. Context and approach to the review
2.1 Introduction
2.2 UCITS exemption and ESAs’ targeted review proposals
2.3 Scope of the current review
2.4 Intended timeline and next steps
3. Overview of the Consultation Paper and next steps
3.1 Overview of Consultation Paper
4. Consumer testing
4.1 Introduction and explanation of the different options to present performance information being considered
4.2 Development of options for the consumer testing
5. Future performance scenarios
5.1 Background
5.2 Probabilistic performance scenarios – work to revise the methodology
5.3 Impact of changes in the presentation of probabilistic performance scenarios on the methodology
5.4 Explanation of proposed dividend yield methodology for probabilistic performance scenarios
5.5 Evidence so far for the dividend yield methodology
5.5.1 Example: Broad Based Large-Cap German Equity Fund
5.5.2 Example: Money-market Fund
5.5.3 Structured Products
5.6 Compensatory mechanism to address potential methodological faults
5.7 Other probabilistic methodological approaches
6. Alternative approach to performance scenarios - use of illustrative scenarios
6.1.1 Structured products – option of only showing illustrative scenarios
6.1.2 Structured products – scope and methodology
6.1.3 Insurance-based investment products
7. Inclusion of information on past performance
8. Costs
8.1 Introduction
8.2 Methodology and presentation of costs and summary cost indicators (except transaction costs)
8.2.1 Current approach
8.2.2 Issues raised by stakeholders
8.2.3 ESA proposals and areas where feedback is requested
8.2.4 Preferred and alternative options to restructure the current cost tables
8.3 Transaction costs
8.3.1 Current approach
8.3.2 Issues raised by stakeholders
8.3.3 ESA proposals
9. Amendments arising from the end of the exemption in Article 32 of the PRIIPs Regulation
9.1 Introduction
9.2 Background
9.2.1 General principles (Chapter I – Articles 1 to 3 of the UCITS Regulation 583/2010)
9.2.2 Form and presentation of the KII (Chapter II – Articles 4 to 6 of the UCITS Regulation 583/2010)
9.2.3 Contents of the sections of the KII (Chapter III – Articles 7 to 24 of the UCITS Regulation 583/2010)
9.2.4 Particular UCITS structures (Chapter IV – Articles 25 to 37 of the UCITS Regulation 583/2010)
10. PRIIPs offering a range of options for investment
10.1 Introduction
10.2 The use of UCITS KII
10.3 Other proposals related to the use of the generic KID approach (Article 10(b) of the PRIIPs Delegated Regulation)
10.3.1 ESA analysis of current issues
10.3.2 New approach for the most commonly selected options
10.3.3 Adjustments to the current approach
10.3.4 Use of ranges within the generic KID
11. Example KID with cost range per risk class (related to Section 10.3.4)
12. Draft amendments to the PRIIPs Delegated Regulation
12.1 Revised probabilistic performance scenario methodology and presentation (amendments to Article 3 and Annexes IV and V)
12.2 Use of illustrative performance scenarios instead of probabilistic scenarios (Category 3 PRIIPs) (amendments to Article 3 and new Annex VIII)
12.3 Use of illustrative performance scenarios as well as probabilistic scenarios (Category 3 PRIIPs) (amendments to Article 3 and new Annex VIII)
12.4 Inclusion of information on past performance (annual) (new recital, amendments to Articles 3 and 14 and new Annexes IX and X)
12.5 Inclusion of information on past performance (average over different time periods) for PRIIPs with a recommended holding period of 10 years or more (additional provisions)
12.6 Revised presentation of costs (amendments to Annexes VI and VII)
12.6.1 Amendments to Annex VI
12.6.2 Amendments to Annex VII
12.7 Revised transaction costs methodology (amendments to Annex VI points 7 to 23)
12.7.1 Option 1 – adjustments to the current arrival price methodology
12.7.2 Option 2 – more principles-based approach to identify reference price
12.8 Provisions to be included in PRIIPs Delegated Regulation taken from UCITS Regulation 583/2010
12.8.1 General principles (Chapter I – Articles 1 to 3 of the UCITS Regulation 583/2010)
12.8.2 Form and presentation of the KII (Chapter II – Articles 4 to 6 of the UCITS Regulation 583/2010)
12.8.3 Contents of the sections of the KII (Chapter III – Articles 7 to 24 of the UCITS Regulation 583/2010)
12.8.4 Particular UCITS structures (Chapter IV – Articles 25 to 37 of the UCITS Regulation 583/2010)
12.9 PRIIPs offering a range of options for investment (amendments to Articles 10-14)
12.9.1 Main proposals
12.9.2 Additional option to amend Article 13 (cost table per risk class)
13. Preliminary assessment of costs and benefits
13.1.1 Introduction
13.1.2 Baseline
13.1.3 Approach
13.1.4 Analysis of costs and benefits
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