Belgium Esas Propose Tender

The European Supervisory Authorities ESAs submitted a letter to the European Commission on the draft regulatory technical standards to amend the Delegated Regulation covering the rules for the Key Information Document KID for Packaged Retail and Insurance-based Investment Products PRIIPs.The amendment clarifies the application of the KID to investment funds where these are offered as underlying investment options to a PRIIP so-called multi-option products or MOPs. The amendment follows a recent decision by the European co-legislators to defer the application of the KID to these investment funds by two years from the end of this year until the start of 2022. The aim of the ESAs proposal is to provide in good time legal certainty to market participants before the expiry of the current provision in the PRIIPs Delegated Regulation at the end of 2019.Before the draft Regulatory Technical Standards RTS become binding they need to be endorsed by the European Commission followed by a period of scrutiny by the European Parliament and the Council.