Silverfinch welcomes today’s announcement by European authorities that they have agreed on a new set of PRIIPs Regulatory Technical Standards (RTS). The pronouncement heralds an agreement between the European Commission and Parliament that will see the rules come into force at the start of 2018.
The European Working Group will also be amending the European PRIIPs Template (EPT) in the next few weeks to align with new RTS. The new PRIIPs template will allow transfer of UCITS KIID data in the same format as PRIIPs. Insurers can now easily signpost any UCITS compliant fund that is sold through a PRIIPs relevant wrapper using the same data fields as for PRIIPs products. This simultaneous data exchange cuts the need for a two-stage implementation that had previously been envisaged.
The onus now lies with those selling PRIIPs products to reach out to their asset managers and ask to receive the relevant data in the EPT format now to allow adequate time for system tests before the January 2018 introduction.