On 29 December 2014, the Regulation on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs) entered into force. This follows its publication in the Official Journal of the EU on 9 December 2014.

The Regulation requires KIDs to be drawn up for PRIIPs. It lays down uniform rules on the format and content of key information documents and on their provision to retail investors. The Regulation will apply from 31 December 2016. However, it will not apply to UCITS funds until 31 December 2019. This transitional period also applies to non-UCITS funds offered to retail investors, where a Member State applies UCITS key information requirements to such funds. The transitional period may also be prolonged following a review of the Regulation which is due to take place by 31 December 2018.

A link to the text of the Regulation, as published in the Official Journal, can be found here.

Contributed by Nicola Doran