Submission to Financial Supervisory Authority of Key Information Documents required by PRIIPs regulation – regulation enters into force on 1 January 2018
PRIIPs regulation will apply from 1 January 2018. PRIIPs regulation covers service providers producing and offering PRIIPs products to retail investors. These include banks, insurance companies, management companies and alternative investment fund managers and issuers of structured notes. Service providers must prepare a Key Information Document (KID) for each product.
Submission of Key Information Documents
Please submit Key Information Documents to the address PRIIPS-KID(at)fiva.fi.
A Key Information Document submitted to the Financial Supervisory Authority (FIN-FSA) must be a text-form PDF file (not scanned, not an image).
A Key Information Document must be named so that the developer of the PRIIP product in question, the name of the PRIIP product and its risk indicator are apparent from the name of the PDF document. These three items of information should be separated by an underscore character. For the risk indicator, only a number (1-7) is added to the name.
Model example: Fund management company X_Investment Fund Finland_5
The Act on Amending the Act on the Financial Supervisory Authority (228/2017) provides for the submission to the Financial Supervisory Authority (FIN-FSA) of the Key Information Documents referred in the Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs Regulation). Under section 37c of the Act, “the developer of the packaged investment product or the seller of the product shall submit to the Financial Supervisory Authority for information a key information document prepared for the product, as referred to in the Regulation on key information documents for packaged retail and insurance-based investment products, no later than when the product begins to be offered in Finland”.
Enquiries and questions concerning the application of PRIIPS regulation
Other enquiries and questions related to PRIIPs regulation and supervision should be sent to the address PRIIPSquestions(at)fiva.fi.
The primary objective is to answer key questions and wider issues. Such questions may relate, for example, to the characteristics of national markets. According to need, we will provide information on answers given by the FIN-FSA on the PRIIPs project page or in a newsletter.
If necessary, we will forward questions requiring significant regulatory interpretations to those preparing lower-level EU statutes and instructions related to the application of PRIIPs. The European Supervisory Authorities will prepare and publish question and answer (Q&A) summaries on the application of PRIIPS regulation.
Ordering the PRIIPs newsletter
In the future, the FIN-FSA will publish as necessary PRIIPs newsletters relating to PRIIPs regulation and supervision in Finnish. You can subscribe to the FIN-FSA’s electronic publications and press releases on the FIN-FSA’s website.
Further information on the Key Information Document provided for packaged retail and insurance-based investment products (PRIIPs) is available on the FIN-FSA’s PRIIPs project page.
For further information, please contact:
Tero Oikarinen, Market Supervisor, tel. +358 9 831 5241or tero.oikarinen(at)fiva.fi