On 9 December 2014, the Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November  2014 on Key Information Documents (KID) for Packaged Retail and Insurance-based Investment Products (“PRIIPs  Regulation”) was published in the Official Journal of the European Union.

The Regulation applies to both PRIIPs manufacturers and distributors. Manufacturers are required to prepare a KID  (Key Information Document) for each product defined as PRIIP. This document will be provided by distributors to retail  investors.

The main goal of the PRIIPs Regulation is to enhance investor protection standards for retail clients and increase  transparency in the market, particularly with respect to sales and distribution. This is consistent with Markets in Financial  Instruments Regulation (MiFID 2).

Further to these aims, the Regulation sets out mandatory rules for the form and content of the KID to allow retail investors to  easily compare products. Manufacturers should provide retail investors with accurate, clear and not misleading  information on the range of products available.