PRIIPS: ESAs' Q&A and EU Commission's Guidelines

On 4 July 2017, two long-awaited PRIIPs¹  documents were published by the EU authorities:

• The first is a Communication from the EU Commission which includes Guidelines  on the level 1 PRIIPs Regulation ((EU) 2014/1286). The objective of these Guidelines is to facilitate the implementation of, and the compliance with, PRIIPs Regulation by clarifying the interpretation of a few level 1 requirements (including scope, multi-option PRIIPs and territorial scope).
• The second is a Q&A published by the ESAs (European Supervisory Authorities: EBA, EIOPA and ESMA) in relation to the PRIIPs Delegated Regulation ((EU) 2017/653). The Q&A aims at promoting common supervisory approaches and practices in the implementation of the key information document (KID). It relates to the technical methodologies on risk, performance scenarios, and cost disclosure requirements. It also addresses specific issues in relation to e.g. derivatives or multi-options PRIIPs.