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Packaged Retail Investment Products (PRIPs)
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  • 01/16/2013 Ministerial Statement - Government Opts in to IMD2 and KID Proposals
    This written ministerial statement was published in Hansard of the House of Lords announcing that the government has decided to opt in to the European Commission's proposals for a directive amending the Insurance Mediation Directive (2002/92/EC) (IMD) (known as "IMD2"), and for a regulation on Key Information Documents (KIDs) for PRIPs. As the proposals for IMD2 and KID include provisions on alternative dispute resolution that impose requirements on the UK's civil justice system, in terms of the operation of limitation periods and the availability of interim remedies, the government has stated that the Justice and Home Affairs Protocol applies, giving it the power to decide whether or not to adopt the proposals. The government stated that it has opted in as both proposals would benefit the UK. The statement highlighted that the proposals for IMD2 aim at ensuring a level playing field between all participants involved in the selling of insurance products and at strengthening policyholder protection. The KID proposals aim to improve pre-contractual disclosure and the comparability of PRIPs for consumers. They will do so by obliging manufacturers to produce a comparable and standardised disclosure called a KID, and requiring distributors to provide the KID before the sale.
  • 12/20/2012 ECON Report on the Proposal for a Regulation on KIDs
    The European Parliament's Committee on Economic and Monetary Affairs (ECON) published this draft report on the Commission's legislative proposal for a regulation on Key Information Documents for PRIPs. The report includes a draft legislative resolution from the European Parliament on the proposed regulation, which sets out suggested amendments to the Commission's proposals. It also contains an explanatory statement for such amendments by the rapporteur, Pervenche Beres.
  • 11/27/2012 Presidency Compromise Proposal on PRIPs Regulation
    The Presidency of the Council of the EU published this compromise proposal in relation to the European Commission's proposed regulation on Key Information Documents for PRIPs.
  • 10/29/2012 Joint Associations Committee (JAC) Position Paper on the Draft Regulation on KIDs
    In this paper, JAC stated that it supports the aims of the proposal for the KID regulation and the PRIPs initiative as a whole. JAC was originally established and has worked over some years to promote a co-ordinated industry approach to improving consumer outcomes, both within the EU and internationally. Although JAC agreed with many elements of the proposed framework set out in the draft KID regulation, which envisaged some clear improvements for consumers, it made certain suggestions to ensure the best possible outcome for consumers.
  • 07/09/2012 IMD2 Legislative Proposal – Final Version
    In this final version of IMD2, the Commission explained that IMD2 is designed to improve the regulation of the retail insurance market. The proposed directive, which will be a minimum harmonisation directive, aims to ensure a level playing field between all participants involved in the sale of insurance products, and to strengthen policyholder protection. Some parts of IMD2 will be reinforced by level 2 measures to align the rules with MiFID. FAQs and an impact assessment, including annexes and executive summary were published together with the legislative proposal. The following reports and opinions were published subsequent to the legislative proposal:
  • 07/03/2012 European Commission Proposal for a Regulation on KIDs for Investment Products
    The Commission adopted this proposal for an EU regulation for a new Key Information Document to be produced by investment product manufacturers and provided to retail customers when they are considering buying investment products.
  • 02/01/2011 JAC Response to Consultations on the PRIPs Initiative
    This paper responded to the EU Commission consultation papers on PRIPs, MiFID 2 and IMD2.
  • 11/26/2010 EU Commission Further Consultation on PRIPs
    This consultation sought feedback from stakeholders on the next steps to be taken in improving the European regulation of the retail investment market. Responses aided the Commission services in fine-tuning legislative proposals. All citizens, public authorities and organisations were welcome to contribute to the consultation.
  • 10/06/2010 Report of the 3L3 Task Force on PRIPs
    This report on PRIPs was published by a task force of the three Level 3 Committees, comprising CESR, CEBS and CEIOPS. The task force was established to assist the European Commission’s ongoing work on PRIPs, to formulate legislative proposals.  In a covering letter to the Commission, the Committees explained that they had sought to form consensual views, but alternative positions were expressed where a consensus had not been reached and further discussion among the task force members was required. The Report focused on three key aspects of PRIPs: (i) the scope of the PRIPs regime; (ii) the product disclosure requirements for PRIPs; and (iii) the regulation of their selling practices.
  • 09/29/2010 Study on the Costs and Benefits of Potential Changes to Distribution Rules for Insurance Investment Products and other Non-MiFID PRIPs
    This study examined the possible impact of applying rules similar to those in MiFID (on conflicts of interest and conduct of business) to sales of PRIPs that were not at the time covered by MiFID. The study concentrated on impacts for the industry, focusing on clarifying better the drivers of costs.
  • 12/12/2009 Update on Commission Work on PRIPs
    The Commission services provided this update on the on-going work on PRIPs and further detail on how the commitments made in the April 2009 Communication on PRIPs would be taken forward.
  • 10/22/2009 Summary of the Technical Workshop on Packaged Retail Investment Products
    The Commission hosted a technical workshop on 22 October 2009 with industry experts and consumer representatives. The Committee of European Securities Regulators (CESR), the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and the Committee of European Banking Supervisors (CEBS) were also present in an observer capacity. The workshop was an opportunity for participants to provide technical input to the ongoing legislative work on PRIPs, which followed the publication of the Commission Communication in April 2009.
  • 04/30/2009 Communication from the European Commission as to PRIPs
    This Communication explained the Commission's view that the regulatory framework at the European level needed updating and proposed introducing new legislation focused on two main areas – product disclosure and selling processes. The aim was to create consistency in approach for all PRIPs, so as to help to ensure consumers would always receive the right information and treatment. The Commission also published a related impact assessment, executive summary and frequently asked questions (“FAQs”) outlining its proposals to improve investor protection measures in respect of PRIPs.
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