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PRIIPs

What is PRIIPs?

The PRIIPs (Packaged Retail and Insurance-based Investment Products) regulation came into effect on 1 January 2018. The aim of this legislation is to guarantee more transparency, trust and uniform information provision. This is achieved by providing an essential information document prior to the purchase of a so-called PRIIP. A PRIIP is an investment or insurance product with an investment component that is sold to retail investors. Examples of such products are investment funds, life insurance contracts with an investment component, structured products, structured deposits and derivatives.
 

What is the Key Information Document?

Since 2018, the European PRIIPs regulation requires providers of financial products to draw up a standardized product sheet, namely: the KID (Key Information Document). The concise 3-page document provides an investor with an understandable and clear overview of the characteristics of an investment product. The KID helps investors compare and understand products. 

The Key Information Document contains the following 8 components: 

  • Basic information 
  • What is this product? 
  • What are the risks and what could I get in return? 
  • What happens if the PRIIP producer is unable to pay out? 
  • What are the costs? 
  • How long should I hold it and can I take money out early? 
  • How can I complain? 
  • Other relevant information

The obligation to send a KID applies to clients within the service concepts Investment advice and Execution Only.

Click here for more information about the PRIIPS regulations.