The European Commission has adopted Commission Delegated Regulation (EU) of 8 March 2017 supplementing the Regulation on key information documents (KID) for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of KIDs and the conditions for fulfilling the requirement to provide such documents. The Regulation will enter into force 20 days after its publication in the Official Journal of the EU. The Regulation will apply from 1 January 2018 while Article 14(2) will apply until 31 December 2019.
The Delegated Regulation was originally adopted by the Commission on 30 June 2016. On 14 September 2016, the European Parliament objected to it. To address the concerns of the European Parliament the Commission proposed certain amendments to the European Supervisory Authorities (the ESAs). However, the ESAs did not submit to the Commission an Opinion setting out proposed amendments. Therefore the Delegated Regulation now adopted contains the amendments the Commission considers relevant. The Commission’s amendments to the Delegated Regulation concern multi-option PRIIPs, performance scenarios, comprehension alert and presentation of administrative costs in relation to biometric components of insurance-based investment products.