WMA calls for derogation of KIDs requirements in PRIPs secondary markets: WMA has published a paper reminding of the difficulties that the provision of a Key Investor Document (KID) would cause in the on-exchange secondary markets for packaged retail investment products (PRIPs). It recommends a full derogation from pre-trade KID provision in distance selling similar to the modification by consent available in the UK for UCITS. A separate position paper addresses other issues in the PRIPs Regulation proposal, such as in relation to the inclusion of corporate bonds within scope, liability for the KID, and viewing a discretionary fund manager as the retail client for the purposes of receiving the KID. (Source: KIIDs, KIDs, UCITS, PRIPs, and Secondary Market Trading and KIDs)