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DRAFT 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

ECON-PR-753665

Committee on Economic and Monetary Affairs · Rapporteur: Stéphanie YonCourtin

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The rapporteur's draft report sets out Parliament's position on the Commission proposal to amend Regulation (EU) No 1286/2014 on the key information document for packaged retail and insurance-based investment products. It excludes non-equity securities issued by non-financial issuers from the regulation's scope and replaces the term 'person selling a PRIIP' with 'PRIIP distributor'. It requires manufacturers to publish the key information document on their website and to provide it to retail investors at the same time as marketing materials, with an explanation of its regulatory nature. It deletes the 'Product at a glance' section and replaces performance scenarios with appropriate information on performance. It limits the review obligation to PRIIPs open to new subscriptions and sets the application date 18 months after publication of delegated acts and regulatory technical standards, whichever happens last.

Committee position. The rapporteur proposes to amend the Commission proposal by excluding non-equity securities issued by non-financial issuers, replacing 'person selling a PRIIP' with 'PRIIP distributor', requiring publication of the key information document on the manufacturer's website, deleting the 'Product at a glance' section, replacing performance scenarios with performance information, and limiting the review obligation to PRIIPs open to new subscriptions.

Key points

  1. Non-equity securities issued by non-financial issuers for which a prospectus is established under Regulation (EU) 2017/1129 are excluded from the regulation's scope.
  2. Comprehensibility of information for retail investors should prevail over comparability, and calculation methodologies may differ between intrinsically different product categories.
  3. The term 'person selling a PRIIP' is replaced by 'PRIIP distributor', defined as a person advising on, offering, selling or concluding a PRIIP contract with a retail investor.
  4. 'Electronic format' is defined by reference to Article 4, point (62a), of Directive 2014/65/EU.
  5. PRIIP manufacturers must draw up and publish on their website a key information document where the PRIIP is intended to be advised, offered or sold to retail investors.
  6. For PRIIPs offering a range of investment options, manufacturers must provide tools covering costs and performance, and investors must have easy access to pre-contractual information on underlying investment assets.
  7. Manufacturers must provide investors in good time before they are bound by any contract the complete costs of the PRIIP including that investment option.
  8. The 'Product at a glance' section is deleted from the key information document.
  9. The description of the type of retail investor to whom the PRIIP is intended to be marketed is replaced by appropriate information on performance.
  10. The ESAs' mandate for draft regulatory technical standards is amended to allow different approaches between different types of products where appropriate.
  11. The obligation to review and revise the key information document applies for as long as the PRIIP is open to new subscriptions.
  12. A person advising on or selling a PRIIP must provide the key information document at the same time as marketing communication in paper or digital format, with an explanation of its regulatory nature.

Who is affected

  • Non-financial issuers of non-equity securities: their products are carved out of the PRIIPs scope, removing the requirement to produce a key information document.
  • PRIIP manufacturers: must publish the key information document on their website and review it while the PRIIP is open to new subscriptions.
  • PRIIP distributors and advisers: must provide the key information document at the same time as marketing materials and explain its regulatory nature.
  • Retail investors: receive information on performance instead of performance scenarios and easier access to underlying investment asset documentation.

Figures and deadlines

  • 18 months after publication in the Official Journal of the delegated acts and regulatory technical standards, whichever happens last: date from which the regulation applies.

Legal basis: Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union.