Having taken into account the feedback received and considering in particular the implications of a possible decision by the European Co-legislators to defer the application of the KID by certain types of investment funds beyond 2020, the ESAs decided the following:

• To not propose targeted amendments at this stage
• To initiate a more comprehensive revision of the PRIIPs Delegated Regulation to be undertaken in the course of 2019, including to launch a consultation on the draft Regulatory Technical Standards

Furthermore, the ESAs issued a Supervisory Statement  regarding the performance scenarios to promote consistent approaches and improve the protection of retail investors prior to the conclusion of the review. The ESAs consider that there is a risk that retail investors are provided with inappropriate expectations about the possible returns they may receive. Therefore, the ESAs recommend PRIIP manufacturers to include a warning in the KID to ensure that retail investors are fully aware of the limitations of the figures provided in the performance scenarios.

Background

The Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs) is a mandatory, three-page A4 information document to be provided to consumers before purchasing a PRIIP. PRIIPs include for example funds, structured products, unit-linked and with-profits life insurance contracts, and structured deposits.

On 1 October 2018, the ESAs wrote a letter to the European Commission expressing their concerns regarding the possibility of duplicating information requirements for investment funds from 1 January 2020 and the importance of legislative changes to avoid such a situation, including a targeted review of the PRIIPs Delegated Regulation.

Subsequently, on 8 November 2018 the ESAs published a consultation paper proposing targeted amendments that would allow the KID to be applied to all types of investment funds and to address key issues that have arisen since the implementation of the KID, in particular concerning the performance scenarios.

In parallel with the ESAs’ work, the European co-legislators also initiated discussions on legislative changes relating to the application of the KID by certain investment funds and the timing of a review of PRIIPs.  When publishing the consultation paper, ESAs stated that they would take into account the latest information regarding these political discussions when deciding upon their final proposals.

The Supervisory Statement is issued under Article 29(2) of the ESAs’ Regulations as a convergence tool to promote common supervisory approaches and practices.

The PRIIPs Regulation (No 1286/2014) defines the main rules and principles for KIDs. It is supplemented by a Delegated Regulation (2017/653) specifying the presentation and contents of the KID, which is based on Regulatory Technical Standards that the ESAs were mandated to develop.

Performance scenarios are included in the Section of the KID titled “What are the risks and what could I get in return?” They indicate how the investment could perform under various different scenarios.

(Susceptible de modifications en cours de semaine)

Déplacements et visites

 

Lundi 11 février 2019

Eurogroup

President Jean-Claude Juncker receives Mr Frank Engel, Member of the European Parliament.

President Jean-Claude Juncker receives Mr Sven Giegold, Member of the European Parliament.

President Jean-Claude Juncker receives Mr Joseph Daul, President of the European People’s Party and Manfred Weber, Chairman of the EPP Group, in the European Parliament.

President Jean-Claude Juncker receives Mr José Ignacio Salafranca, Member of the European Parliament.

Ms Federica Mogherini in the Horn of Africa region, in Africa (until the 13/02): on official visit.  

Mr Jyrki Katainen receives representatives of the Medicines for Europe Association.

Mr Günther H. Oettinger in Berlin, Germany: meets representatives of the German Council on Foreign Relations (DGAP).

Mr Pierre Moscovici à Berlin, en Allemagne : participe à une réunion du parti social-démocrate allemande, (SPD).

Mr Christos Stylianides in Barcelona, Spain: meets Mr Antoni Segura, President of the Barcelona Centre for International Affairs; participates in a debate on Civil Protection at the Barcelona Centre for International Affairs; holds a speech at an information seminar on the European Solidarity Corps; holds a speech at the third meeting of Civil Protection Director-Generals of the Member States of the Union for the Mediterranean; and holds a speech at an event on Forest Fire Prevention at the European Forest Institute Mediterranean Facility.

Mr Phil Hogan in Sydney, Australia: visits the University of Sydney Institute of Agriculture.

Ms Mariya Gabriel in Berlin, Germany: visits the John Lennon Gymnasium together with filmmaker Wim Wenders and delivers a speech on Safer Internet.

Ms Mariya Gabriel in Berlin, Germany: delivers keynote speech at the European Film Forum, on “Subtitling and Dubbing: How technology can revolutionise the circulation of European works and foster cultural diversity”; meets with Mr Detlef Rossmann, President of the International Confederation of Art Cinemas and Mr Christian Bräuer, President of the German art cinema association AG Kino; meets with Mr Radu Mihaileanu, President of the Société civile des Auteurs Réalisateurs Producteurs (ARP); meets with companies and organisations contributing to the on-line Directory of European films; and participates in a roundtable on Gender in the future MEDIA programme.

 

Mardi 12 février 2019

College meeting

Economic and Financial Affairs Council

Mr Frans Timmermans in Strasbourg, France: meets Mr Stef Blok, Minister of Foreign Affairs of the Netherlands.

Mr Phil Hogan in Queensland, Australia: attends a colloquium at Bond University: “Taking Provenance Seriously: Will Australia Benefit From Better Legal Protection For GIs?”

 

Mercredi 13 février 2019

Mr Jyrki Katainen receives Ms Eva Lindström, Member of the European Court of Auditors.

Mr Johannes Hahn receives Ms Radmila Šekerinska, Deputy Prime Minister and Defence Minister of the former Yugoslav Republic of Macedonia.

Mr Phil Hogan in Canberra, Australia: meets Mr Simon Birmingham, Minister for Trade, Tourism and Investment of Australia and Mr David Littleproud, Minister for Agriculture and Water Resources of Australia; and participates in a roundtable with key Australian agricultural industries.

Mr Carlos Moedas in Berlin, Germany: visits the Bundestag Committee on Education, Research & Technology; meets with Professor Jürgen Rüttgers; meets with Mr. Lars-Henrik Röller, director general for economic and financial policy at the Bundeskanzleramt; attends a working lunch with Wolfgang Kopf, representative for political affairs and regulation of the Deutsche Telekom AG, Mr. Steffen Kampeter, managing director of the Confederation of German Employers’ Associationsder (BDA) and Mr. Andreas Krautscheid, managing director of the association of German Banks.

Mr Julian King in Paris, France: attends a breakfast with Le Cercle des Européens and meets Mr Patrick Strzoda, Chief of Staff for the Cabinet of the President.

 

Jeudi 14 février 2019

Informal meeting of justice and home affairs ministers

President Jean-Claude Juncker receives Mr Benoît Lutgen, Mayor of Bastogne, Belgium. 

President Jean-Claude Juncker receives Mr Antoni Martí, Prime Minister of Andorra.

Mr Andrus Ansip receives representatives of the Pasha Parking start-up.

Ms Federica Mogherini participates in the NATO Foreign Ministers Meeting, in Brussels.

Ms Federica Mogherini receives Mr Mike Pompeo, Secretary of State of the United States.

Mr Jyrki Katainen receives representatives of Finnish stakeholder groups: Mr Kimmo Järvinen, Director for EU Affairs of The Federation of Finnish Technology Industries; Ms Eva Stina Slotte,EU Affairs Adviser for the Association of Finnish Local and Regional Authorities; Mr Taneli Lahti, Director for EU Affairs at the Confederation of Finnish Industries; Mr Joona Turtiainen, Head of EU Affairs at Finnish Energy; Mr Aleksi Kuusisto, Director of FinUnions; Ms Hanna Leiponen-Syyrakki, Director of the Finnish Agriculture, Forestry and Cooperatives; Mr Pasi Moisio, Head of the Brussels office and permanent representative to the EU for the Federation of Finnish Enterprises and a consortium of seven Finnish sectoral associations.

Mr Johannes Hahn in Munich, Germany: participates in the Munich Security Conference.

Mr Neven Mimica in Paris, France: meets Mr Jean-Yves Le Drian, Minister for Europe and Foreign Affairs of France; Mr Jean-Baptiste Lemoyne, Secretary of State for Development of France; and Ms Louise Mushikiwabo, Secretary General of the International Organisation of La Francophonie.    

Mr Miguel Arias Cañete in Paris, France: meetsMr François de Rugy, Minister for Ecological and Inclusive Transition of France; meets Ms Brune Poirson, Secretary of State to the Minister for Ecological and Inclusive Transition of France; meets Ms Laurence Tubiana, CEO of the European Climate Foundation.

Mr Karmenu Vella receives Mr Nello Musumeci, President of the Region of Sicily.

Mr Pierre Moscovici à Paris : rencontre M. Pascal Lamy, Président émérite de l’Institut Jacques Delors.

Mr Christos Stylianides in Athens, Greece: delivers a speech in honour of the late George Papadimitriou, a leading Greek politician, at a special event organised by the Foundation of the Hellenic Parliament.

Mr Phil Hogan in Wellington, New Zealand (until 15/02): meets Mr David Parker, Minister for Trade and Export Growth of New Zealand; meets Mr Damien O’Connor, Minister for Agriculture of New Zealand; meets the Primary Production Committee, a group of New Zealand Members of Parliament; and participates in a roundtable with New Zealand agriculture industry leaders.

Ms Mariya Gabriel in Sofia, Bulgaria: delivers an opening keynote speech at the 14th National Conference on eHealth; and delivers an opening keynote speech at the Sofia Cybersec 2019 conference.

 

Vendredi 15 février 2019

Informal meeting of justice and home affairs ministers

Ms Federica Mogherini in Munich, Germany: participates in the Munich Security Conference 2019.

Mr Johannes Hahn in Munich, Germany: participates in the Munich Security Conference 2019.

Mr Neven Mimica in Rome, Italy: participates in the launch of the Agribusiness Capital Fund at the International Fund for Agricultural Development.

Mr Neven Mimica in Rome, Italy: on official mission to the Vatican City.

Mr Christos Stylianides in Munich, Germany: participates in the Munich Security Conference 2019; and participates in the Health Security Roundtable; meets Mr Joachim Herrmann, Minister for the Interior of the State of Bavaria of Germany; meets President of the Alfons Goppel Foundation; and participates in a joint event on women’s participation in humanitarian projects.

Mr Phil Hogan in Wellington, New Zealand: meets with New Zealand agriculture industry leaders; delivers a speech at an event organised by New Zealand Apples and Pears and Export New Zealand.

Mr Tibor Navracsics in Budapest, Hungary: meets with Mr István Stumpf, Judge on the Constitutional Court of Hungary; and visits and gives a speech at the Research Institute and Centre for Economic and Social Analysis (Hétfa).

Ms Corina Creţu in Athens, Greece: meets Mr Yiannis Dragasakis, Deputy Prime Minister of Greece.

Mr Julian King in Munich, Germany (15-17 February): participates in the Munich Security Conference 2019.

Ms Mariya Gabriel in Munich, Germany: attends the Munich Security Conference 2019, participates in a roundtable on cybersecurity; and meets with Mr Kent Walker, Senior Vice President of Global Affairs at Google; and meets with Ms Jacquelline Fuller, Vice President, Google and President of Google

 

Dimanche 17 février 2019

Mr Dimitris Avramopoulos in Olympia, Greece: speaks at the Olympia Forum.

Mr Phil Hogan in Dubai: delivers a speech and participates in the official opening of Gulfood 2019. 

Ms Corina Creţu and Mr Dimitris Avramopoulos in Olympia, Greece: participate in the Citizens’ Dialogue “The future of Europe: the challenges and opportunities ahead”.

 

Prévisions du mois de février :

18/02 Competitiveness Council

18-19/02 Foreign Affairs Council

19/02 General Affairs Council

21-22/02 Informal meeting of trade ministers

24-25/02 EU-League of Arab States summit

 

Permanence DG COMM le WE du 16 et 17 février 2019:

Annika BREIDTHARDT : +32 (0) 460 75 61 53

 

Service Audiovisuel, planning studio – tél. : +32 (0)2/295 21 23

 

 

 

 

Having taken into account the feedback received and considering in particular the implications of a possible decision by the European Co-legislators to defer the application of the KID by certain types of investment funds beyond 2020, the ESAs decided the following:

• To not propose targeted amendments at this stage
• To initiate a more comprehensive revision of the PRIIPs Delegated Regulation to be undertaken in the course of 2019, including to launch a consultation on the draft Regulatory Technical Standards

Furthermore, the ESAs issued a Supervisory Statement  regarding the performance scenarios to promote consistent approaches and improve the protection of retail investors prior to the conclusion of the review. The ESAs consider that there is a risk that retail investors are provided with inappropriate expectations about the possible returns they may receive. Therefore, the ESAs recommend PRIIP manufacturers to include a warning in the KID to ensure that retail investors are fully aware of the limitations of the figures provided in the performance scenarios.

Background

The Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs) is a mandatory, three-page A4 information document to be provided to consumers before purchasing a PRIIP. PRIIPs include for example funds, structured products, unit-linked and with-profits life insurance contracts, and structured deposits.

On 1 October 2018, the ESAs wrote a letter to the European Commission expressing their concerns regarding the possibility of duplicating information requirements for investment funds from 1 January 2020 and the importance of legislative changes to avoid such a situation, including a targeted review of the PRIIPs Delegated Regulation.

Subsequently, on 8 November 2018 the ESAs published a consultation paper proposing targeted amendments that would allow the KID to be applied to all types of investment funds and to address key issues that have arisen since the implementation of the KID, in particular concerning the performance scenarios.

In parallel with the ESAs’ work, the European co-legislators also initiated discussions on legislative changes relating to the application of the KID by certain investment funds and the timing of a review of PRIIPs.  When publishing the consultation paper, ESAs stated that they would take into account the latest information regarding these political discussions when deciding upon their final proposals.

The Supervisory Statement is issued under Article 29(2) of the ESAs’ Regulations as a convergence tool to promote common supervisory approaches and practices.

The PRIIPs Regulation (No 1286/2014) defines the main rules and principles for KIDs. It is supplemented by a Delegated Regulation (2017/653) specifying the presentation and contents of the KID, which is based on Regulatory Technical Standards that the ESAs were mandated to develop.

Performance scenarios are included in the Section of the KID titled “What are the risks and what could I get in return?” They indicate how the investment could perform under various different scenarios.

ESMA has drawn up this document to create transparency around the regimes adopted across the EU.

The Prospectus Regulation introduces a new threshold below which an offer does not require a prospectus. This threshold is one million Euros. Member States may decide to raise that threshold to a maximum of eight million Euros provided that an offer will not be passported to another Member State.

ESMA’s document contains information provided by national competent authorities setting out:

• A short description of the national thresholds below which no prospectus is required;
• A summary of any national rules which apply to offers below that threshold; and
• Hyperlinks to the relevant national legislation and rules.

Next steps

When ESMA receives notifications from Member States that information reflected in the document has changed, the document will be updated and republished on ESMA’s website. However, there may be a small delay in making such updates. If any discrepancy is identified between the information in the document and legislation or rules published nationally, priority should therefore be given to the latter.