On 4 July 2017, two sets of related guidance were published by the European Commission and the European Supervisory Authorities (ESAs) made up of EIOPA, ESMA and the EBA. These publications are aimed at clarifying aspects of the primary PRIIPs Regulations or so-called “Level 1” rules as well as the more technical RTS or “Level 2” rules covering the specific form and content of KIDs, arrangements for multi-option products, review and revision requirements for KIDs and the delivery of KIDs to customers.

The first briefing note summarises the European Commission’s guidelines on the application of the Level 1 Regulations. The second briefing note summarises the additional guidance provided by the ESAs, which was in the form of questions and answers or Q&A.

Guidelines on the PRIIPs Level 1 Regulation
On 4 July 2017, the European Commission (EC) published its guidelines on the application of the PRIIPs Level 1 Regulations. This briefing note contains a summary of the main points from this guidance.

PRIIPs Level 3 Q&A
On 4 July 2017, the Joint Committee of the European Supervisory Authorities (ESAs) published the first set of Q&As regarding the interpretation of the PRIIPs Level 2 Regulatory Technical Standards. This briefing note contains a summary of the main points from this Q&A.