On 1 January 2018, the Regulation of the European Parliament and of the Council of the European Union No 1286/2014 of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) comes into force.
This Regulation establishes uniform rules on the format and content of the key information document to be drawn up by PRIIP manufacturers and on the provision of the key information document to retail investors in order to enable retail investors to understand and compare the key features and risks of the PRIIP.
EU regulations are acts of general application, binding in their entirety and directly applicable in all Member States, and therefore in contrast to directives do not require implementation into national law. However, Member States must ensure their compliance with national legal regulations.
For this purpose Parliament is currently working on a draft law amending the Act on the Supervision over the Financial Market and the Act on Insurance and Reinsurance activities amending the Act of 21 July 2006 on Supervision over the Financial Market.
