ESAs propose PRIIPs KID changes

The ESAs have published their technical advice to the European Commission on making the PRIIPs Key Information Document more user friendly, The advice recommends several changes and encourages the Commission to undertake an even broader review together with consumer testing before it actually makes concrete proposals for change. Among the ESAs’ recommendations are:

• making the most of digital disclosure;
• better specifying (but not extending) the scope of covered products;
• allowing different approaches for different products where necessary for investor understanding;
• allowing more flexibility in the performance disclosure requirement;
• better enabling comparisons by changing the rules for multi-option products; and
• introducing a new section to give prominence to sustainability options.