With the new EU regulation for packaged retail investment and insurance-based investment products (PRIIPs), the so-called “Key Information Document” (KID) is compulsory as of Dec. 31, 2016. This new document summarises the most important information for investors in an easily comprehensible manner and is intended to improve transparency in the investment markets. The deadline for implementation, however, is still in-progress and it is apparent that the introduction will be postponed. Nevertheless, time is of the essence when it comes to implementation as numerous new data fields are being introduced to support this complex new document standard, and they must be published and distributed with every change.
Investment funds sold in the EU are affected, as well as structured products such as life insurance policies that are bundled together with funds.
In addition to the factsheet and the KIID, the PRIIP KID is a third fund document that must be widely distributed. PRIIP KIDs must be created automatically due to the large quantity and numerous variants. If the graphical presentation of past performance is the focus of the factsheet, PRIIP KIDs provide future-oriented scenarios intended to give an impression of the opportunities and risks of a fund. In addition, the PRIIP KID introduces a new type of cost calculation which is an additional effort for the industry.
An EFAMA-supported working group presented the European PRIIPs Template (EPT) at the end of August 2016. Based on this template, openfunds (www.openfunds.org) created fields from which the corresponding fields used in the EPT can be derived. In the future, fund companies which implement and use the openfunds standard will also be able to extract the necessary data necessary for PRIIP KID production.
fundinfo helps fund companies, insurers and PRIIP KID manufacturers to prepare their systems for the integration of these new data types so that they may process them quickly. Thanks to our 'PRIIP KID Data and Document Dissemination Service', fundinfo is a reliable and experienced partner when it comes to the efficient distribution of your PRIIP KIDs data and documents.
With our 'PRIIP KID Data and Document Dissemination Service' we ensure timely and reliable delivery of your data and documents to your sales partners. This includes many benefits and advantages:
Our team of experts are available to answer all your questions regarding fundinfo’s services as well as topics surrounding PRIIP KIDs. Simply contact the fundinfo office nearest you.