Update Of ESA Q&As On The PRIIPs KID

On 5 December 2023, the European Supervisory Authorities ("ESAs") jointly published an updated version of their consolidated Q&A on the PRIIPs Key Information Document (KID) ("Consolidated Q&A") which now features seven additional questions/answers.

In particular, the ESAs confirmed that, in a fund context, the PRIIP manufacturer shall typically be the IFM (i.e. the UCITS management company or the AIFM, as the case may be) or the fund itself only in case of self-managed UCITS or internally managed AIF. Former interpretations, based on the definition of the PRIIPs manufacturer in the PRIIPs Regulation, leading to the qualification of the board of the fund or the portfolio manager (which may have initiated and designed the PRIIPs and/or may change their costs structure) are no longer acceptable according to the ESAs.