ESA Joint Committee (EBA, ESMA, EIOPA) Q&A Database

For autocallables, for an early call scenario, what time periods should be used when calculating the performance scenarios and cost figures?

PRIIPs

Are the redemption prices of open-ended real estate AIFs "prices" within the meaning of point 5 of Annex II of the Delegated Regulation?

PRIIPs

[Question deleted] (Revised 21 December 2022) 8. The paragraph which comes directly after the heading “Table 1” (“The person advising on or selling you this product …”) is duplicate in view to Elemen

PRIIPs

Annex VII of the Delegated Regulation, Table 2 on composition of costs: Cost elements in the “composition of costs” table are to be presented assuming a 0% annual return which is consistent with the p

PRIIPs

How should actively-managed UCITS ETF be identified in the KID, and what information should be included in the “What is this product?” section of the KID? An actively-managed UCITS ETF should inform i

PRIIPs

How should UCITS ETFs be identified in the KID, and what information should be included in the “What is this product?” section of the KID? A UCITS ETF should use the term ‘UCITS ETF’ which identifies

PRIIPs

What type of information should be included in the “What is this product?” section of the KID of index-tracking UCITS and index-tracking leveraged UCITS? For index-tracking UCITS, the following inform

PRIIPs

Regarding the methodologies for performance scenario described in Annex IV of the Delegated Regulation ((EU) 2021/2268) it is not clear what approach should be used to build performance scenarios for

PRIIPs

Do Articles 6 and 7 of Regulation (EU) 2019/2088 apply only for new financial products or also for existing financial products on the date of application, 10 March 2021 (even for those financial prod

SFDR

Article 17 of Regulation (EU) 2019/2088 exempts insurance intermediaries which provide insurance advice with regard to IBIPs and investment firms which provide investment advice that are enterprises i

SFDR

Is it possible for financial market participants that are below the threshold set by Article 4(3) and (4) of Regulation (EU) 2019/2088 and choose not to consider adverse impacts of investment decision

SFDR

If a financial product referred to in Article 8, paragraphs 1, 2 and 2a, or Article 9, paragraphs 1 to 4a, of Regulation (EU) 2019/2088 does not invest in companies with good governance, is that produ

SFDR

Considering that the reference to good governance in Article 8 of Regulation (EU) 2019/2088 only relates to 'companies', and that Article 9 of Regulation (EU) 2019/2088, via the definition of 'sustain

SFDR

Do financial advisers, when providing MiFID II investment advice, have to comply with disclosure obligations in Article 6(2) of Regulation (EU) 2019/2088 in good time before the client is bound by any

SFDR

For the purpose of the disclosure of principal adverse impacts under Article 4(5)(a) of Regulation (EU) 2019/208, when a financial adviser recommends financial products or instruments that are not col

SFDR

If a financial adviser only considers in its advisory process products which are not in scope of Regulation (EU) 2019/2088 (i.e. shares of listed companies, corporate bonds, etc.), should the financia

SFDR

How does Article 15(2)(c) of the Delegated Regulation regarding the review of the KID apply to the different holding periods shown? If the mean return for the PRIIP's moderate performance scenario, ex

PRIIPs

In the case of subscription products, shall the manufacturer modify the cost figures each time the KID is revised even if the revision is caused by a change in another element and his percentage varia

PRIIPs

In the case of subscription products, should manufacturer also modify the entry costs, if the market conditions during the offering period increase the initial fair value and thus the entry costs are

PRIIPs

Annex II, paragraph 10 of the Delegated Regulation shows sub intervals to use for funds with pricing frequencies of daily, weekly or monthly, but not what to apply for those funds with other pricing f

PRIIPs

If the PRIIP is an AIF investing into linear products yet the leverage on investments changes throughout time (therefore leverage factor is non-constant but underlying exposures are linear), would thi

PRIIPs

The exchange as manufacturer may not know all the costs, since some costs are added by the broker. In this situation is it acceptable for the exchange only to report the costs which relate to the prod

PRIIPs

In the case of subscription products, could the manufacturer include a reference to the variation (+/- Costs) due to variation in market conditions during the offering period?

PRIIPs

Does Regulation (EU) 2019/2088 (SFDR) apply to non-EU AIFMs, for example when they market a sustainable EU Alternative Investment Fund under a National Private Placement Regime?

SFDR

Regulation (EU) 2019/2088 applies to financial market participants and financial advisers. In particular, in respect of investment firms as defined in point (l) of Article 4(1) of Directive 2014/65/EU

SFDR

Must a product to which Article 9(1), (2) or (3) of Regulation (EU) 2019/2088 applies only invest in sustainable investments as defined in Article 2(17) SFDR? If not, is a minimum share of sustainable

SFDR

As regards Article 4(4) of Regulation 2019/2088, must the calculation of the 500-employee threshold to the parent undertaking of a large group be applied to both EU and non-EU entities of the group wi

SFDR

Does Regulation (EU) 2019/2088 (SFDR) apply to registered (sometimes referred to as sub- threshold) AIFMs referred to in Article 3(2) AIFMD?

SFDR

What aspects should be considered by the manufacturer when determining the RHP of a PRIIP? In accordance with Article 8(3)(g)(ii) of the Regulation and Articles 2(5) and 6 of the Delegated Regulation,

PRIIPs

Does the KID need to be published on the public section of a website?

PRIIPs

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

PRIIPs

The Delegated Regulation uses terms “biometric risk premium” and “insurance premium”. Do these terms have the same meaning?

PRIIPs

Is a KID always required when an investment product is listed on a regulated market?

PRIIPs

Regarding the correction for risk neutrality in Annex II, 22(c) of the Delegated Regulation - each of the 10,000 simulated returns needs a correction to ensure that the simulated average return is equ

PRIIPs

How should credit-linked notes be treated, for example which is their product category for the purposes of the MRM calculation?

PRIIPs

How should the CRM be calculated when the credit risk needs to be assessed only for a part of the assets of the PRIIP? For example if there are both individual investment holdings representing 10% or

PRIIPs

When performance fees or exit costs are not applicable for a product - does the format of Table 2 Composition of costs allow that the manufacturer to mention ‘n.a.’ instead of ‘0%’ in the table?

PRIIPs

Which annual cost impact is shown in table 2 (composition of costs)? For insurance-based investment products, the table shows the impact of the different types of costs on the investment return the in

PRIIPs

Should the 10% threshold for calculating credit risk in Annex II, part 2, Point 35 be applied per instrument or per exposure?

PRIIPs

Can a credit assessment assigned to a group be used for the assessment of the credit risk of the relevant obligor?

PRIIPs

Can an appropriate benchmark or proxy continue to be used once sufficient data becomes available?

PRIIPs

In accordance with Annex II, Part 2, Point 42 the credit quality step shall be adjusted to the maturity or recommended holding period of the PRIIP. Should the maturity to be used for this adjustment b

PRIIPs

What is meant by factors not observed in the market as stated in Annex II, Part 1, Point 7?

PRIIPs

Does the categorisation of a retail investor depend on the definition in Directive 2014/65/EU?

PRIIPs

Does “as appropriate” in Point 7 of Annex III mean that the wording of the elements A-J can be amended? Or should the manufacturer remove an entire text element if it is not suitable for a specific PR

PRIIPs

What are the implications of Point 53 of Annex II, Part 3 in terms of the monitoring of data? In particular, is it necessary to calculate the MRM on a daily basis?

PRIIPs

It appears that unit-linked insurance products without guarantees would fall into Category 2.

PRIIPs

Point 3 (d) of Annex VI indicates that subscription fee includes taxes. Would this include the following types of taxes: VATs, FTTs, stamp duties?

PRIIPs

How would the benefits from securities lending (compared to the costs as mentioned in Point 5 (b) (v) of Annex VI) be presented in the KID?

PRIIPs

Using the ‘reference indexes’ mentioned in the question above, how should the ‘average bid-ask spreads’ mentioned in Point 21(c)(i) of the Annex VI of the Commission Delegated Regulation be estimated?

PRIIPs