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New PRIIPs RTS confirmed by EIOPA. What to consider now.

After the revised RTS (Regulatory Technical Standards) for PRIIPs have already been adopted by ESMA and EBA, they have now also been confirmed by EIOPA. This means that once confirmed by the EU Parliament, the new PRIIPs KIDs with revised performance and transaction cost calculation methodologies will be coming on 1 January 2022.

acarda fully maps the new calculation methods with the PRIIPs and MIFID SaaS module and is already producing the KIDs for insurance companies today. Together with the SFDR documents, which will also be required by 1.1.2022, we offer all the necessary reports, data templates and websites for a successful distribution. We are happy to provide detailed information.

Current status:

On 3 February 2021, the EIOPA Supervisory Board adopted the new PRIIPs RTS and submitted them to the EU Commission for adoption. Although industry associations such as EFAMA, BVI, CFA Institute and Better Finance will lobby for a postponement or rejection, acarda expects the European Commission and the EU Parliament to approve them in the coming months.

The main changes:

  • PRIIPS KIDs for UCITs From 1 January, the preparation of PRIIPs KIDs for UCITs will be mandatory, as the exemption will then end. The disclosure rules of the new RTS are designed to make PRIIPs KIDs for UCITs fully applicable; with the aim of replacing UCITs KIIDs in the future.
  • Calculation of the performance scenarios The calculation of the performance scenarios is done by direct estimation based on the prices of the PRIIPs. When calculating past performance, the survey period extends up to 10 years into the past (ex post) and is shown as a bar chart. Unrealised or potential losses must be taken into account for future performance scenarios (ex ante).
  • Calculation of transaction costs Transaction costs can continually to be calculated using the slippage method (arrival price or Full PRIIPS method). If market prices are not available a “justified independent price” can be taken. Optionally, the so-called basis point method (also called New PRIIPS or half spread method) is possible until 31 December 2024 for UCITs and AIFs launched before 31 December 2021. For each asset class, the half “spreads” of suitable benchmarks can be calculated and used for all transactions. However, a 3-year history of the “arrival prices” must be built up, which again puts this option into perspective.

Efficient compliance with acarda

acarda offers you a service package that fully maps all innovations today. Our software-as-a-service solution for PRIIPs and MiFID already includes ETPs, EMTs and KIDs in various languages since 2018. Using the browser-based acarda dashboard, you can monitor and control the data flow, all calculations, production as well as distribution to different platforms, clients, web sites and regulators from any location. acarda recommends combining KIDs production with our SFDR module to manage all calculations and documents with maximum efficiency using a single, integrated regulatory platform.

Press contact
Jessica Schreiner

Phone:+49 15 25 47 62 361
Email: jessica.schreiner@acarda.de

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According to information from the German Investment and Asset Management Association (BVI) dated May 21, 2021, the EU Commission plans to delay the start of PRIIPs-KIDsby six months. A package of measures, which will include not only technical adjustments to Level 2 but also a selective amendment to the Level 1 Regulation, is to be forwarded by the EU Commission to the EU Parliament and Council before the end of June 2021.

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According to information from the German Investment and Asset Management Association (BVI) dated May 21, 2021, the EU Commission plans to delay the start of PRIIPs-KIDsby six months. A package of measures, which will include not only technical adjustments to Level 2 but also a selective amendment to the Level 1 Regulation, is to be forwarded by the EU Commission to the EU Parliament and Council before the end of June 2021.

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ESMA updates its FAQs on AIFMD

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