As a reminder, as from January 1st 2018, all entities advising on or selling a packaged retail and insurance-based investment product (PRIIP) to retail investors in the European Union are required to deliver a PRIIP compliant KID to their retail investors before any investment.
Regarding the implementation of the PRIIPs Regulation[1] in Luxembourg, the Draft Law No. 7199 was deposited with the Parliament on October 25th 2017 amending the Law of the December 17th 2010 on UCITS and the Law of the December 7th 2015 on the insurance sector.
The Draft Law focuses on administrative sanctions and other administrative measures that may be imposed by the CSSF and the CAA (Commissariat aux Assurances) in case of non-compliance.
In November 20th 2017, additional questions relating inter alia to multi-option products, derivatives and performance scenarios have been added to the European Supervisory Authorities Q&A with a view to promoting common supervisory approaches and practice in the implementation of the KID.
[1] Regulation (EU) No 1286/2014 of the European Parliament and of the Council of November 26th 2014 on key information documents for packaged retail and insurance-based investment products.
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