Regulatory Alerts2018-02-20
FMA Circular on Key Information Documents for Packaged Retail and Insurance-Based Investment Products (PRIIPs)
The Austrian Financial Market Authority (FMA) issued this February 2018 circular to clarify the scope, content, and presentation requirements for Key Information Documents (KIDs) governing packaged retail and insurance-based investment products (PRIIPs). It specifies that life insurance, deferred pension, and unit-linked products fall within the scope while excluding most non-life and term life policies, and mandates that costs be disclosed in both monetary and percentage terms alongside recommended holding periods. The guidance further standardizes performance scenario templates, addresses civil law liability limitations for manufacturers, and permits website publication as sufficient notification when updating KIDs.
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