Changes from report parliamentary committee draft to plenary report

Added(a) be presented and laid out in a way that is easy to read, using characters of readable size;

RemovedMystery shopping campaigns have shown that the KID is often handed to the client at a later stage in the commercial process compared to marketing materials consisting of paper documents or electronic format documents. The PRIIPs regulation should be modified in order to clearly stipulate that the KID should be given to retail investors at the same time as any other market material provided on paper or electronic format. In addition, the person advising on or selling the PRIIPs should have the obligation to explain to the client that the KID is of a different nature than marketing materials.

Added(b) focus on the key information that retail investors need;

RemovedRegulation (EU) No 1286/2014

Added(c) be clearly expressed and written in clear, succinct and comprehensible language and in a style that facilitate the understanding of the information.”;

RemovedArticle 1 – paragraph 1 – point 7, Article 14 – paragraph 2 – point d a (new): (da) where the PRIIP offers the retail investor a range of options for investments: / (i) the key information shall reflect the combination of investment options that the retail investor is considering; / (ii) the pre-contractual information documentation relating to the underlying investment assets backing the investment options shall be easily accessible through a link next to the interactive tool.

Added(5) Article 8 is amended as follows:

RemovedAdditional conditions in order to take into account the specific nature of multi-option products:1) the information should relate to the investment allocation envisaged by the investor in order to be as personalized and complete as possible; 2) like the key information document, the documentation related to underlying investment assets backing the investment options should also be easily accessible.

Added(a) in paragraph 3, point (aa) is added:

RemovedArticle 2 – paragraph 1: This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from [PO please insert the date = 18 months after the publication in the Official Journal of the European Union of the delegated acts referred to in Article 10(2) and the adoption by the Commission of regulatory technical standards referred to in Article 8(5) and Article 14(3), whichever happens last].

Added‘(aa) under a section titled ‘Product at a glance’ a dashboard with summarised information about all of the following:

RemovedAs it has been done with PEPP Regulation, the date of entry into application should be set in reference to the publication of delegated acts and regulatory technical standards in order to increase predictability for National Competent Authorities and market players.

Added(i) the type of the PRIIP, as referred to in point (c)(i);