The objective of the PRIIPS initiative is to improve the protection of retail investors in the field of financial services so that investors would be able to choose their financial products based on clear and reliable information. The PRIIPs Regulation and the elaborating level 2 measures prescribe in particular the information to be given on the investment products.

A retail investor means an investor other than a professional client under the MiFID. Professional and non-professional clients are defined in chapter 1, section 23 of the Act on Investment Services (747/2012, in Finnish).

The PRIIPs Regulation applies to service providers producing and offering PRIIPs products to retail investors. These include banks, insurance companies, management companies and alternative investment fund managers and bond issuers.

Service providers must prepare a Key Information Document (KID) for each product. The KID provides information on the key features of the investment product as well as related risks and costs. The document must contain information on, among other things, whether the product can give rise to losses and on how complex the product is.

A KID must be prepared for the following products, for example:

  • alternative investment funds 
  • structured retail market products (including structured deposits)
  • insurance policies used for investing and saving
  • investment funds.

With respect to investment funds (UCITS), the PRIIPs Regulation includes a transitional provision according to which there is no need for investment funds to provide a KID under the PRIIPs Regulation before the end of 2021. They must, however, provide a Key Investor Information Document (KIID) in accordance with UCITS regulations.

Application and timetable

The application of the Regulation began on 1 January 2018.

Open all elements Close all elements
PRIIPs Regulation
National implementation
Level 2 regulation

On the presentation, content, review and revision of key information and the conditions for fulfilling the requirement to provide such documents

Commission Delegated Regulation on product intervention, (C(2016) 4369)

Level 3 regulation

Commission Guidelines on the application of the PRIIPS Regulation, (2017/C 218/02)

Q&As published by the European supervisory authorities (EBA, EIOPA, ESMA)

  • 19 December 2017 Q&A on the comprehension alert in the Key Information Document for Insurance-Based Investment Products (pdf)
  • 20 November 2017 Questions and answers (Q&A) on the PRIIPs KID (pdf)
  • 4 November 2017 Guidelines under the Insurance Distribution Directive on Insurance-based investment products that incorporate a structure which makes it difficult for the customer to understand the risks involved (pdf)
  • 4 July 2017 Questions and answers (Q&A) on the PRIIPs KID (pdf)
  • 18 August 2017 Questions and answers (Q&A) on the PRIIPs KID (pdf)
  • 18 August 2017 PRIIPs – Flow diagram for the risk and reward calculations in the PRIIPs KID (flow diagram for the risk and reward calculations) (pdf)
Open all elements Close all elements
PRIIPs newsletters
  • 14 February 2019 – 1/2019 Thematic evaluation of key information documents required by PRIIPs regulation (pdf)
  • 25 January 2018 – 1/2018 Provision of a key information document required by PRIIPs regulation in the English language under certain circumstances (pdf)
  • 19 December 2017 – ​1/2017 19 December 2017 – ​1/2017 Key Information Document must be prepared in Finnish or Swedish (pdf, in Finnish)

Subscribe to the PRIIPs newsletter