On 5 January 2016, the Joint Committee of the European Supervisory Authorities (ESAs) issued an errata correcting errors in its November 2015 consultation paper on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIPs). The errata corrects two formulas relating to the market risk measure (MRM), which are set out in paragraphs 27 and 28 of Annex II to the consultation paper (pages 37 and 38). The consultation concerns Article 8(5) of the PRIPs Regulation, which requires the committee to develop draft regulatory technical standards (RTS) on the content and presentation of the KIDs for PRIPs. The consultation closes on 29 January 2016. The RTS and accompanying impact assessment will be submitted to the European Commission for endorsement by 31 March 2016.
- Under Article 32 of the PRIPs Regulation, UCITS Mancos and SMICS and persons advising on, or selling, units of UCITS shall be exempt from the obligations under the PRIPs Regulation until 31 December 2019.
- Under Article 33, the PRIPs Regulation will be subject to review. As regards UCITS, the review shall assess whether the deadline of 31 December 2019 might be extended, or whether, subject to adjustments, the UCITS KIID might be replaced by or considered equivalent to the KID under this PRIPs Regulation.