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Packaged retail and insurance-based investment products

The Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs) introduces a key information document (KID – a simple document giving key facts to investors in a clear and understandable manner) covering not only collective investment schemes but also other ’packaged’ investment products offered by banks or insurance companies.

Regulatory technical standards about key information documents for PRIIPs

On 30 June 2016 the European Commission adopted a delegated act supplementing the PRIIPs regulation. The delegated act introduces regulatory technical standards (RTS) specifying the content and underlying methodology of the so-called Key Information Document (KID) that will have to be provided to retail consumers when they buy certain investment products.

Workshop on the implementation of the PRIIPs framework

A technical workshop on the implementation of the PRIIPs framework took place on 11 July 2016 in Brussels.

Slides from the Workshop:

Consumer testing study of the possible new format and content for retail disclosures of packaged retail and insurance-based investment products

This study for the European Commission was done to ensure that the particular format for presenting information in key information documents would best help consumers compare and select products for their investment needs. The study used broad quantitative surveys supplemented by qualitative testing with focus groups, across a representative sample of countries in the EU. The objective was not only to gather consumer's preferences, but also objective insights on how far presentations aided a correct understanding of the features of PRIIPs and comparisons between them.

Regulation on Key Information Documents for packaged retail and insurance-based investment products – 26.11.2014

On 26 November 2014 the Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs) was published into the Official Journal of the EU.

Key Information Document (KID) (a standarised and simple document giving key facts on the product) is to be produced by investment product manufacturers and provided to retail customers when they are considering buying investment products.

Original proposal from the Commission (03.07.2012)

The Commission sent a mandate to EIOPA - 30.07.2014

The Commission sent a mandate to EIOPA for advice on possible delegated acts concerning the upcoming Regulation on Key Information Documents for Packaged Retail and Insurance-Based Investment Products (PRIIPS).

Consultation on legislative steps for the Packaged Retail Investment Products (PRIPs) initiative – 26.11.2010

The consultation seeks feedback from stakeholders on the next steps to be taken in improving the European regulation of the retail investment market. The closing date for responses is the 31st January 2011. Responses will aid the Commission services in fine-tuning legislative proposals. All citizens, public authorities and organisations are welcome to contribute to this consultation.

Study on the costs and benefits of potential changes to distribution rules for insurance investment products and other non-MIFID PRIPs – 29.09.2010

This study examines the possible impact of applying rules similar to those in MiFID (on conflicts of interest and conduct of business) to sales of PRIPs that aren’t currently covered by MiFID. The study concentrates on impacts for the industry, focusing on clarifying better the drivers of costs. Separate work is being undertaken by the Commission services on impacts of change for retail investors, which will form a central part of the impact assessment that will accompany any future proposals.

Update on Commission work on Packaged Retail Investment Products (PRIPs) – 15.12.2009

The Commission services provide an update on the on-going work on PRIPs and further detail on how the commitments made in the 30th April Communication on PRIPs will be taken forward.

Technical Workshop on Packaged Retail Investment Products – 22.10.2009

The Commission hosted a technical workshop on 22 October 2009 with industry experts and consumer representatives. The Committee of European Securities Regulators (CESR), the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and the Committee of European Banking Supervisors (CEBS) were also present in an observer capacity. The workshop was an opportunity for participants to provide technical input to the ongoing legislative work on Packaged Retail Investment Products, which follows the publication of the Commission Communication in April.

An issues paperpdf(169 KB) Choose translations of the previous link  was produced to structure the workshop discussion.

Communication from the Commission on Packaged Retail Investment Products – 29.04.2009

The Communication explains the Commission’s view that the current regulatory framework at the European level needs updating and proposes introducing new legislation focused on two main areas – product disclosure and selling processes. The aim is to create consistency in approach for all different Packaged Retail Investment Products, so as to help to ensure consumers always receive the right information and treatment. The financial crisis has underscored the need for a regulatory environment which provides a sound basis for informed decision making, and where investors can be confident about the information and services they receive.

By the end of 2009 we will provide a more detailed orientation on the shape of the legislative proposals.

Open Hearing on Retail Investment Products – Brussels – 15.07.2008

The Commission organised an Open Hearing on Retail Investment Products, in Brussels on 15th July. The hearing brought together senior policy makers, industry experts and consumer representatives to discuss a topic that has attracted increasing political attention in recent months, namely the evolving market for retail investment products and whether the current fragmented regulatory framework provides a sound basis for ensuring that investors receive the information and the quality of service they need to make appropriate investment decisions.

The Hearing was opened by Commissioner for Internal Market and Services, Charlie McCreevy; and addressed by Othmar Karas MEP, rapporteur for the European Parliament report on the Green Paper on Retail Financial Services; Theodor Kockelkoren. Member of the Executive Board, Netherlands Authority for the Financial Markets; and Thierry Franq of the French Treasury, who provided perspectives from the incoming French Presidency of the EU Council .

Industry workshop on retail investment products – 22.05.2008

DG MARKT Services hosted an industry workshop on 22nd May 2008 to discuss the results of the Call for Evidence on Retail Investment Products. The workshop brought together industry experts representing the fund management, banking, insurance, securities and distribution sectors, alongside observers from FIN-USE, the Committee of European Banking Supervisors (CEBS), the Committee of European Securities Regulators (CESR) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS).

Call for evidence – "Substitute" retail investment products – 26.10.2007

The primary purpose of the call for evidence was to establish whether there is a real and significant risk to investor protection resulting from variations in EU rules on product disclosure and distribution for different types of retail investment product. The call for evidence was closed at the end of January 2008; a total of 80 written contributions were received. The Commission has prepared a feedback statement providing a high-level synthesis of these contributions.