How does the information on the underlying options of a MOP need to be provided?

The rules for the provision of the KID are set out in Articles 13 and 14 of the Regulation. For MOPs, in accordance with Article 10 of the Delegated Regulation, information can be provided in two different ways. The provision of the KID – in a face to face distribution - is on paper unless the investor requests the KID through a durable medium other than paper or by means of a website. In the latter cases, the person advising on, or selling, the PRIIP would need to evidence that the conditions in paragraph 4 or 5 of Article 14 of the Regulation were met. This also applies in the case of an “open architecture” product design, i.e. where a contract allows for retail investors to invest in a wide range of investment options. The person selling the PRIIP is not precluded from providing information to the retail investor in addition to the provision of information necessary for the satisfaction of the requirements in Article 14 of the Regulation, for instance if the retail investor requests certain documents on paper in addition to those provided through a durable medium other than paper or by means of a website, (such as the generic KID or specific information on certain underlying investment options where the approach in Article 10(b) of the Delegated Regulation is used). Furthermore, taking into account the sales process followed, for example if advice is given, it is not necessary to provide the retail investor with information on every possible underlying investment option available, but only those options that the retail investor is considering. In this case, the person advising on, or selling, the PRIIP would need to be able to evidence that the retail investor is considering a limited number of the underlying investment options and agrees to be provided with information on those options only. In all cases, the person advising on, or selling, the PRIIP would need to evidence how it was determined that the conditions for the provision of the KID in good time were met, or alternatively that the conditions in Article 13(3) of the Regulation were satisfied.