The EU packaged retail and insurance-based investment products (PRIIPs) Regulation (the PRIIPs Regulation) will apply throughout the European Union (EU) from January 1, 2018.
The principal requirement of the PRIIPs Regulation is the provision of a key information document (KID) to EU retail investors investing in PRIIPs. KIDs must be in a prescribed format, presenting various data on costs, risks and rewards, according to set methodologies. The PRIIPs ‘Level 2’ Regulation1 sets out a template for the KID (not to exceed three pages) and prescriptive requirements on the information that it must contain.
UCITS managers are exempt from the requirement to produce a KID for their UCITS funds until at least December 31, 2019.
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