The European Supervisory Authorities have finally published an updated PRIIPs KID Q&A document.
With barely six weeks remaining for required EU transition efforts, the ESAs have now delivered the first part of their ‘level 3’ guidance, with updated chapters covering:
- General topics
- ‘What is this product?’ section
- Market risk assessment (Annex II)
- Performance Scenarios (Annexes IV and V)
- Past performance (Annex VIII)
- Multi-option products (MOPs)
- Investment funds
- Autocallable products
- Calculation of the summary cost indicators (Annex VI, Part 2)
- Presentation of costs (Annex VII)
NB: in this latest document, the ESAs highlight specific content has not yet been updated, with some guidance only applicable until 31 Dec 2022 (e.g. Performance Scenarios). For these instances, the ESAs “aim to publish” additional, revised Q&A content “before 1 January 2023”.
More to follow.