Could you clarify for which intermediate holding periods should we show performance scenarios during the lifetime of a product? (E.g.: 1.1 years product, with remaining lifetime of 9 months). We belie

Could you clarify for which intermediate holding periods should we show performance scenarios during the lifetime of a product? (E.g.: 1.1 years product, with remaining lifetime of 9 months). We believe this should reference the remaining life of the product. For products with a fixed end date, the remaining time to maturity should be used to demonstrate the performance scenarios. Therefore, in this specific example, in accordance with Point 34 of Annex IV no intermediate performance scenario is needed where the time to maturity is less than a year. (Answer provided by the ESAs on the application of the PRIIPs Delegated Regulation, revised on 21 December 2022) 2. Template B of Annex V refers to “regular investments” and includes a line “amount invested over time”, but can the manager delete the narrative that relates specifically to the insurance element (such as “survival” and “death”)? Yes, the terms [Survival] and [Death] are between square brackets to indicate that they can be deleted where they are not applicable. (Answer provided by the ESAs on the application of the PRIIPs Delegated Regulation, revised on 21 December 2022) 3. How should the number of trading periods to use be calculated (e.g. Point 19 of Annex IV)? The Delegated Regulation does not specify a conventional number of trading periods which compose one year. Since conventions can vary between Member States or markets, the number of trading periods to use should be the actual number of prices observed in the prescribed interval. (Answer provided by the ESAs on the application of the PRIIPs Delegated Regulation, revised on 21 December 2022) 4. How should the term “rolling” in Point 18c) of Annex IV be applied? Rolling means that the volatility should be measured with the sub-interval – of length w – increasing by one step each time; for example where there are daily prices and a recommended holding period of 1 year (see Point 18(a) of Annex IV of the Delegated Regulation) the sub-interval would start at 1-21 days and roll to 2-22, 3-23 etc. (Answer provided by the ESAs on the application of the PRIIPs Delegated Regulation, revised on 21 December 2022) 5. What performance scenarios shall be included in the Key Information Documents in the case of Category 1 PRIIPs, as defined in Point 4(c) of Annex II of the Regulation No 2017/653? If the answer includes the Stress scenario, could you, please, provide a rule how the Stress scenario value shall be calculated? In accordance with Article 3(3) of the Delegated Regulation a stress scenario needs to be shown for such PRIIPs. The rules regarding the calculation of the stress scenario in this case are provided in point 31 of Annex IV. (Answer provided by the ESAs on the application of the PRIIPs Delegated Regulation, revised on 21 December 2022) 6. For narrative Element E in Annex V, Part 2 of the Delegated Regulation, which states "[Element E] This type of scenario occurred for an investment [add reference to benchmark where applicable] between [add dates in years]", which dates should be linked with this narrative? Is the requirement to put the start date and end date of period taken for each performance scenario (so basically different dates for each scenario)?