The European Supervisory Authorities (ESAs) - EBA, EIOPA and ESMA - on Monday 2 May published their technical advice to the European Commission on the revision of the EU Regulation on Packaged Retail and Insurance-based Investment Products (PRIIPs) (see EUROPE 12934/18). This opinion will serve as an input to the development of the Commission’s retail investment strategy.
The ESAs recommend significant changes to the PRIIPs Regulation and encourage the Commission to consider a broad review of the PRIIPs framework and to undertake appropriate consumer testing before making proposals for changes.
The recommended changes aim to improve the presentation of information provided to consumers and to make it easier for them to compare different products. Among their recommendations, the ESAs suggest: - harnessing the opportunities of digital disclosure; - not extending the scope to other financial products; - allowing more flexibility in the information provided in the performance section of the Key Information Document; - amending the rules for multi-option insurance products.
Read the ESAs’ opinion: https://aeur.eu/f/1gu (Original version in French by Anne Damiani)