[et_pb_section fb_built=”1″ module_id=”connect-text” _builder_version=”3.22″ background_color=”#ffffff” transparent_background=”off”][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Header” module_id=”header-title” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”What are PRIIPs” module_id=”header-title” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\n
Packaged Retail Investment and Insurance-backed Products (PRIIPs) come in a variety of different forms, according to the European Commission’s description they share a number of common characteristics in that “They typically combine exposures to multiple underlying assets; they are designed to deliver capital accumulation over a medium- to long-term investment period; they entail a degree of investment risk, although some provide capital guarantees; and they are normally marketed directly to retail investors. Broadly speaking, they can be categorised into four groups: investment funds, insurance-based investment products, retail structured securities and structured term deposits.”<\/p>\n
In July 2012 the the European Commission published three\u00a0legislative proposals which together are designed to improve consumer protection in relation to investment products. The first\u00a0proposal is to amend\u00a0the existing UCITS Directive (Undertakings for the Collective Investment in Transferable Securities), the second relates to the Insurance Mediation Directive and\u00a0thirdly\u00a0a new draft regulation on Packaged Retail Investment Products or PRIPs (i.e non-insurance). It is this final one that concerns us here as it introduces the requirement to publish new documentation in relation to Structured Products.<\/p>\n
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\u00a0According to the proposal KIDs (sometimes called KIIDs) means\u00a0Key (Investor) Information Documents and are:<\/p>\n
“short, plainly-worded documents \u2013 no more than three pages long \u2013 that will provide investors with answers to the key questions they have about the features, risks, and costs of investment products.<\/p>\n
They are designed for the retail investor rather than the professional. They will help the retail investor make a more informed decision on whether an investment is right for them.<\/p>\n
So the investor can better compare investment products, every KID will follow the same structure. They will answer a standard set of questions, such as: What is the investment? Can I lose money? What are the costs associated with this investment? What are the risks and what might I get back?<\/p>\n
Information that is vital for comparing different investments \u2013 on how risky the investment is, on whether it has guarantees and what these are, on the costs of the investment \u2013 will be carefully selected and presented so as to make comparisons as easy and as accurate as possible.”<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Regulators” module_id=”header-title” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\n
The legislative proposals are published by the European Commission, which are then adopted by the co-legistlators, the European Parliament and the Council of Ministers.\u00a0<\/span><\/p>\n According to the European Commission, in September 2009 they brought forward proposals to replace the EU’s existing supervisory architecture with a European system of financial supervisors (ESFS<\/b>), consisting of three European Supervisory Authorities:<\/span><\/p>\n (1) European Securities & Markets Authority (ESMA<\/b>)<\/span><\/p>\n (2) European Banking Authority (EBA<\/b>)<\/span><\/p>\n (3) European Insurance and Occupational Pensions Authority (EIOPA<\/b>)<\/span><\/p>\n These authorities were established from January 2011 and have since released a discussion paper on the detailed format and content requirements of KIDs for PRIIPs.\u00a0<\/span><\/p>\n There are the following consultations on:<\/span><\/p>\n (1) discussion paper on the detailed format and content requirements of KID (Winter 2014)<\/span><\/p>\n (2) consultation paper on the product intervention powers under PRIIPS KID (Winter 2014)<\/span><\/p>\n (3) the proposed regulatory technical standards on review, revision and republication of KID (Spring 2015)<\/span><\/p>\n (4) the proposed regulatory technical standards on timing of delivery of the KID (Spring 2015)<\/span><\/p>\n (5) the proposed regulatory technical standards on content, presentation and calculation of information in the KID (Autumn 2015)<\/span><\/p>\n The regulatory technical standards will apply from 31st December 2016.\u00a0<\/span><\/p>\n According to Eversheds, there is no need for national governments to codify this EU legislation, since the legislation was framed as a\u00a0regulation. It therefore has direct effect upon EU citizens and businesses from 31st December 2016.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”3.22″][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Regulator Publications” module_id=”header-title” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_4,1_4,1_4,1_4″ _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”1_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image 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alt=”EY” title_text=”EY” url=”http:\/\/www.ey.com\/UK\/en\/Industries\/Financial-Services\/Banking—Capital-Markets” url_new_window=”on” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” admin_label=”EY” _builder_version=”3.23″ animation=”off” sticky=”off”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image src=”http:\/\/cdn.iflr.com\/Img\/logo.png” alt=”IFLR” title_text=”IFLR” url=”http:\/\/www.iflr.com\/Article\/3405860\/Structured-products-regulations-gain-traction.html” url_new_window=”on” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” admin_label=”IFLR” _builder_version=”3.23″ animation=”off” sticky=”off”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image src=”http:\/\/www.pwc.co.uk\/en_GX\/webadmin\/assets\/image\/pwclogo.gif” alt=”PWC” title_text=”PWC” url=”http:\/\/www.pwc.lu\/en\/regulatory-compliance\/am-topics-prips.jhtml” url_new_window=”on” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” admin_label=”PWC” _builder_version=”3.23″ animation=”off” sticky=”off”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”National Regulator Links” module_id=”header-title” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”] <\/p>\n These links will take you to their respective home pages only; few if any of the national regulators have published much\u00a0on their websites beyond linking to the central regulator documents, we’ll update\u00a0these links if and when they do.<\/p>\n French\u00a0Financial Markets Authority<\/a><\/p>\n [\/et_pb_text][et_pb_text admin_label=”Ireland” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Central Bank of Ireland<\/a> Italian\u00a0National Commission for Companies and the Stock Exchange<\/a><\/p>\n [\/et_pb_text][et_pb_text admin_label=”Malta” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Maltese Financial Services Authority<\/a> PRIP – Packaged Retail Investment Product<\/p>\n PRIIP – Packaged Retail Investment and Insurance-based Products<\/p>\n KID – Key Information\u00a0Document<\/p>\n KIID – Key Investor Information Document<\/p>\n UCITS – Undertakings for the Collective Investment in Transferable Securities<\/p>\n A\u00a0guide to preparing, producing and distributing KIDs\u00a0for PRIIPs What are PRIIPs? Packaged Retail Investment and Insurance-backed Products (PRIIPs) come in a variety of different forms, according to the European Commission’s description they share a number of common characteristics in that “They typically combine exposures to multiple underlying assets; they are designed to deliver capital accumulation […]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":6339,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","_mi_skip_tracking":false},"yoast_head":"\nLink to Pages and Publications from\u00a0the\u00a0top level\u00a0regulators<\/h2>\n
Links to subject pages for Industry Groups*<\/h3>\n
*The\u00a0list isn’t exhaustive, so please do contact us with any suggestions for additional\u00a0links<\/h6>\n
Links to subject\u00a0pages from\u00a0some of the law firms publishing notes and\u00a0guidance on PRIIPS and KID regulations*<\/h3>\n
*The\u00a0list isn’t exhaustive, so please do contact us with any suggestions for additional\u00a0links<\/h6>\n
Publications and Notes from Advisory & Consultancy Firms<\/h2>\n
Link to Pages and Publications from\u00a0National Regulators<\/h2>\n
\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_4,1_4,1_4,1_4″ _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”1_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Austria” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” border_style=”solid”]Austria Financial Markets Authority<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Cyprus” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Cyprus Securities and Exchange Commission<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Finland” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Finnish Financial Supervision Authority<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Hungary” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Hungarian\u00a0Financial Supervisory Authority<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Lithuania” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Lithuanian\u00a0Central Bank<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Poland” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” border_style=”solid”]Polish Financial Supervision Authority<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Slovenia” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Slovenian Securities Market Agency<\/a>
\n[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Belgium” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Belgian Financial Services and Markets Authority<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Czech Republic” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Czech National Bank<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”France” _builder_version=”4.7.7″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\n
\n[\/et_pb_text][et_pb_text admin_label=”Luxembourg” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Luxembourg Financial Regulator<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Portugal” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” border_style=”solid”]Portuguese Securities Market Commission<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Spain” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Spanish Securities Market Commission<\/a>
\n[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Bulgaria” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” border_style=”solid”]Bulgarian Financial Supervision Commission<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Denmark” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Danish Financial Supervision Authority<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Germany” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]German\u00a0Federal Financial Supervisory Authority<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Italy” _builder_version=”4.7.7″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ sticky_enabled=”0″]<\/p>\n
\n[\/et_pb_text][et_pb_text admin_label=”Romania” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Romanian National Securities Commission<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Sweden” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” border_style=”solid”]Swedish\u00a0Financial Supervisory Authority<\/a>
\n[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Croatia” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” border_style=”solid”]Croatian Financial Services Supervisory Agency<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Estonia” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Estonia Ministry of Economic Affairs and Communications<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Greece” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Greek\u00a0Capital Markets Commission<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Latvia” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Latvian\u00a0Financial and Capital Market Commission<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Netherlands” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Dutch Financial Markets Authority<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”Slovakia” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Slovakian National Bank<\/a>
\n[\/et_pb_text][et_pb_text admin_label=”United Kingdom” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]UK Financial Conduct Authority<\/a>
\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”3.22″][et_pb_row column_structure=”2_3,1_3″ _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”2_3″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Definitions” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]<\/p>\nDefinitions<\/h3>\n
\n[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ module_id=”connect-schema” _builder_version=”3.22″ background_color=”#ffffff” transparent_background=”off”][et_pb_row column_structure=”1_3,1_3,1_3″ _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”1_3″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_blurb title=”Investment Research” url=”http:\/\/betaworldflownet.local\/connect\/investment-research\/” use_icon=”on” font_icon=”i” icon_placement=”left” admin_label=”Investment Research” _builder_version=”3.0.74″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”center”]worldflow Connect provides the ability to create and distribute investment research.\u00a0Read more…<\/a>
\n[\/et_pb_blurb][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_blurb title=”Structured Products and Derivatives” url=”http:\/\/betaworldflownet.local\/connect\/connect-build-terms-modules\/” use_icon=”on” font_icon=”\ue102” icon_placement=”left” admin_label=”Structured Products and Derivatives” _builder_version=”3.0.74″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”center”]Read more…<\/a>
\n[\/et_pb_blurb][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_blurb title=”Trade Reconciliation and Reporting” url=”http:\/\/betaworldflownet.local\/connect-trade-reconciliation\/” use_icon=”on” font_icon=”\ue02c” icon_placement=”left” admin_label=”Trade Reconciliation and Reporting” _builder_version=”3.0.74″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”center”]Read more…<\/a>
\n[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_contact_form email=”sales@worldflow.net” title=”Contact us” _builder_version=”3.0.87″][et_pb_contact_field field_id=”Name” field_title=”Name” _builder_version=”3.16″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][\/et_pb_contact_field][et_pb_contact_field field_id=”Email” field_title=”Email Address” field_type=”email” _builder_version=”3.16″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][\/et_pb_contact_field][et_pb_contact_field field_id=”Message” field_title=”Message” field_type=”text” fullwidth_field=”on” _builder_version=”3.16″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][\/et_pb_contact_field][\/et_pb_contact_form][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"