On 5 February 2016, the ESMA (European Securities and Markets Authority) published an opinion paper by its Securities and Markets Stakeholder Group on PRIIPs. The opinion outlines the Group's concerns relating to omission of historical data from the presentation of risks and rewards in the PRIIPs KID.  It views this as an disadvantage to investor protection given that such data (a) is objective and testable, (b) provides a more comprehensible guide to retail investors than forward looking data, which can depend on choices and estimations; and (c) is less susceptible to manipulation or distortion.