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PRIIPs
You have less than a year left to cope with new requirements!
You are a finance industry player (asset managers, bankers and insurers) who manufactures financial products (e.g. Investment funds, Life-insurance products, structured products, derivatives etc.) sold to retail clients ? Then you will need to provide a KID (Key Information Document) to your final clients prior to the sale and the deadline is short.
Each KID will be designed according to the standards laid down by the PRIIPs regulation. The deadline for the issuance of the first KID is the 1 January 2018.
Considering the computation complexity, as well as the challenge related to the data collection to properly prepare the KID's, there is no room for the industry to postpone any further. Get ready!
Scope
- Investment funds (UCITS have a 5-year grace period of exemption);
- Life insurance-based investment products (such as unit-linked or with profits policies);
- Retail structured securities (including instruments issued by securitisation institutions and corporate bonds);
- Structured term deposits;
- Derivatives;
- Convertible bonds and other structured securities with embedded derivatives;
- Pension products and annuities not recognised in the national law.
Your Challenges
You have less than one year to comply with the regulation.
- You need to produce fully compliant KIDs for all PRIIPs you produce;
- You have to review and adapt the organisation, processes and workflows
in order to gather all the required information on your products.
- You'll have to produce KID on a manual or ad-hoc basis and this can impact significantly the time to market for new investment products;
- You need to implement streamlined internal processes with a robust governance structure;
- You must update the KID on a regular basis, according to market conditions;
- You need a dedicated team responsible for overseeing and documenting the lifecycle of your KIDs, as well as compiling, verifying and updating them;
- You have to setup a dedicated website containing the library of KIDs. This will facilitate the exchange of information between distributors and retail clients.
- With an increased focus on the risk assessment, you need technical
expertise to evaluate each product’s unique risks and rewards; - You will also need to present information about the performance
scenarios and costs throughout the lifetime of product; - Explaining each product in a simple, understandable, non-technical language will require special attention so that key information is not diluted in the process.
Our Services
We support financial institutions, including credit institutions, investment firms, managers of investment funds and insurance undertakings across the whole PRIIPs value chain.
Podcast
PwC's Observatory for Management Companies - Spotlight on PRIIPs
Are you a management company who manufactures financial products (such as investment funds and structured products) sold to retail clients ? Then you will need to provide a KIID (Key Investor Information Document) designed according to the standards laid down by the PRIIPs regulation to your final clients prior to the sale. Get ready, the deadline is short!
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Contact us
Benjamin Gauthier
Partner, Financial Services Consulting, PwC Luxembourg
Tel: +352 49 48 48 4137
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