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REPORT (COM(2023)0278 – C90180/2023 – 2023/0166(COD))

On the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1286/2014 as regards the modernisation of the key information document

A-9-2024-0160

Committee on Economic and Monetary Affairs · Rapporteur: Stéphanie YonCourtin

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Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.

Parliament's amended version of the Commission proposal to amend Regulation (EU) No 1286/2014 on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs). It adds a 'Product at a glance' dashboard, environmental, social and governance (ESG) information and a link to an independent online comparison tool to the KID. It makes the electronic format the default, allows interactive and layered presentation, and keeps a paper version free of charge on request. It requires the European Supervisory Authorities (ESAs) to draft regulatory technical standards on content, risk, costs and personalisation, and defers application of the rules.

Committee position. The Committee on Economic and Monetary Affairs proposes amendments to the Commission proposal, adding a KID dashboard, ESG information, an independent comparison tool, electronic-format rules and deferred application.

Key points

  1. The KID must be a stand-alone document of no more than four A4 sides, separate from marketing materials, written in clear and comprehensible language.
  2. Where a PRIIP offers a range of investment options, the manufacturer may describe them in separate documents of no more than four A4 sides and must facilitate comparison through a summary table or filtering mechanism.
  3. The KID must include a 'Product at a glance' dashboard with the type of PRIIP, summary risk indicator, total costs, recommended holding period and whether insurance benefits or financial guarantees are offered.
  4. For products disclosing under Regulation (EU) 2019/2088, the KID must include a 'How environmentally sustainable is this product?' section with the minimum proportion of environmentally sustainable investment, greenhouse gas emissions intensity and principal adverse impacts.
  5. The European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) must develop an independent online comparison tool using European Single Access Point data, available at the latest 12 months after KIDs are on that point.
  6. The KID must be provided free of charge in electronic format by default, with a paper version on request, and may be presented through an interactive tool or in a layered format with the dashboard in the first layer.
  7. The interactive tool must not alter understanding of the KID, must present all key information, must link to the KID with a download recommendation and must allow investors to simulate costs over the recommended holding period.
  8. The ESAs must develop regulatory technical standards on the presentation and content of KID elements, risk and reward methodology, cost calculation, personalisation and accessibility for persons with disabilities.
  9. The KID must be reviewed regularly and revised when needed, but the review requirement ceases where the PRIIP is no longer open to new subscriptions and cannot be purchased on a secondary market.
  10. Distributors must provide the KID in good time before a retail investor is bound by a contract, and for successive transactions only for the first transaction, with the latest revised version on request before additional subscriptions.
  11. The latest KID must remain publicly accessible on the manufacturer's and distributor's websites, downloadable and storable, and provided within 2 working days if not available on the distributor's website.
  12. The Commission must assess alignment between KID pre-contractual ESG disclosure and Regulation (EU) 2019/2088 five years after application and report to Parliament, the Council and the European Economic and Social Committee.

Who is affected

  • PRIIP manufacturers, who must draw up and update KIDs with new dashboard and ESG content.
  • PRIIP distributors and advisers, who must provide KIDs in good time, free of charge and in electronic format by default.
  • Retail investors, who gain access to comparison tools, interactive KIDs and paper versions on request.
  • The ESAs (ESMA, EIOPA and the European Banking Authority), which must draft regulatory technical standards and build the comparison tool.
  • The Commission, which must adopt delegated acts and report on ESG disclosure alignment.

Figures and deadlines

  • No more than four sides of A4-sized paper when printed, for the KID and for separate investment option documents.
  • At the latest 12 months after key information documents are available on the European Single Access Point, for the independent comparison tool.
  • Within 2 working days, for a distributor to provide the KID if not available on its website.
  • One year after the date of entry into force of this amending Regulation, for the ESAs to submit draft regulatory technical standards to the Commission.
  • Five years after the date of application of this amending Regulation, for the Commission to assess alignment of ESG pre-contractual disclosure.
  • 18 months after publication of the delegated acts or adoption of the regulatory technical standards, whichever happens last, for the Regulation to apply.
  • Twentieth day following publication in the Official Journal, for entry into force.

Legal basis: Article 114 of the Treaty on the Functioning of the European Union.