Operational and Technical Challenges for PRIIPs 2017 | Marcus Evans | 26 June 2017 | London, United Kingdom

Overcoming the practical challenges involved in the generation and review of KIDs and compliance with PRIIPs

The Regulation on KIDs for PRIIPs has been plagued by delay, meaning financial institutions are undertaking a stop-start implementation process. The industry is crying out for more detail and clarity on a wide variety of different areas, whether this be transaction costs or performance scenarios, or even the types of products that require a KID. It is a regulation that despite industry resistance and although with an admirable aim of improving the information given to retail investors, must be implemented by January 2018. Implementation was expected in January 2017 but a rejected of the level 2 regulatory technical standards by the European Parliament in September 2016, led to the delay in implementation to coincide with another significant and wide-reaching European regulation – Markets in Financial Instruments Directive II. The difficulty of the PRIIPs document is ultimately the issue of creating a document that achieves completeness with regard to the detail surrounding a product, in addition to being concise - a maximum of three pages – yet being clear for a retail investor, who perhaps has a limited technical knowledge. Transitional arrangements for UCITS funds who need not comply for a further two years only adds to the confusion with anecdotal comments suggesting that data requested by insurance brokers from asset managers has led to the latter scrambling for the data due to this confusion.
This marcus evans event will enable financial institutions to discuss the practical challenges that are involved with the generation and review of the KIDs, as well as numerous issues – whether legal, classificatory or definitional – that are causing confusion. By understanding the current regulation correctly, financial institutions will be able to confidently proceed with the implementation comfortable in the knowledge that they are progressing in the same way as other institutions, and as the regulators wish.

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