PRIPs to get UCITS-style KIDs
The European Parliament is expected to vote on 17 April to press ahead with Key Information Documents (KIDs) for Packaged Retail Investment Products (PRIPs).
The move comes after the parliament’s Economic and Monetary Affairs Committee (ECON) agreed the final details on 7 April.
PRIPs KIDs will then be in place by 2016, bringing PRIPs into line with UCITS funds, which have issued Key Investor Information Documents (KIIDs) since July 2012.
Under the PRIPs regime, non-UCITS funds, structured products, insurance-based investment products and derivative instruments available to retail investors will need to produce a standard pre-sale document. Contrary to previous expectations, personal pension products will remain out of scope, at least until the next review in four years’ time.
The format and information on PRIPs KIDs will be broadly similar to UCITS KIIDs, which are expected to be replaced by the new document after a five-year transition period. However, PRIPs KIDs will run to three A4 pages, compared to two pages for almost all UCITS KIIDs, because of the additional information required. Kii Hub, a provider of UCITS KIIDs, will provide an outsourced KID production and delivery solution for PRIPs.
The Kii Hub service is provided by Global Funds Registration, a joint venture between data and document production experts FE and Technical Fund Marketing, which specialises in regulatory and product advice to fund groups.
Ian Overgage, director of technical fund marketing, says: “Kii Hub has been producing outsourced KIIDs for UCITS funds since 2012 and is ideally placed to offer PRIPs KIDs. We provide KIIDs for over 40 fund groups, working with them to produce, host and deliver their documents or providing a fully outsourced solution with our bureau service.”
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