The three European Supervisory Authorities (ESAs) for financial services have issued a call for evidence on the Packaged Retail and Insurance-based Investment Products (Priips) regulation.
The input from the sector will then be used in their technical advice to the European Commission when it reviews the key information document (Kid) for Priips.
The European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (Eiopa) and the European Securities and Markets Authority (Esma) are looking to understand how financial advisers use Kids, how they fit into their digital media practices, and how complex and readable the documents actually are.
More specifically, the commission asked the ESAs to provide advice on:
- The use of the Kid;
- The operation of the comprehension alert in the Kid;
- The practical application of the rules laid down in the Priips regulation;
- The effectiveness of administrative sanctions, measures, and other enforcement actions for infringements of the regulation;
- The extent to which the Priips regulation is adapted to digital media; and,
- The scope of the regime.
The ESAs have released a survey professionals can fill in to provide information on the matter, which will close on 16 December 2021.
The regulators will then hold a stakeholder event in Q1 2022 before finalising its advice to the European Commission, which is due by 30 April 2022.