EU Financial Regulatory Q&A Database

Once you have reported on your Article 5-6 TR financial product, should your pre- contractual information still be a minimum ambition or the actual achieved level of taxonomy aligned investments?

SFDR

What is to be reviewed by the third party? The internal process used to assess the Taxonomy-alignment or the data as such?

SFDR

Lack of data is a major challenge for FMPs. Although this hurdle seems less pressing when it comes to investments in undertakings that fall under the scope of the future CSRD, how could FMPs overcome

SFDR

An Article 9 SFDR product with 100% non-Taxonomy compliant climate objectives, would still fill the Taxonomy sections with 0% and the social sustainable investment section with 0%? Please refer to the

SFDR

Can taxonomy-aligned activities or PAI impacts from green bonds (or other specific project financing instruments like social bonds) be calculated for the projects they finance rather than taxonomy-ali

SFDR

In case a financial product referred to in Article 8 of Regulation (EU) 2019/2088 which promotes environmental characteristics does not commit in the pre-contractual disclosures to invest in any econo

SFDR

For their own products and - if offered - in case of MOPs, for products of other financial market participants, the application date of SFDR Delegated Regulation is 1 January 2023. How should a financ

SFDR

How is the envisaged product classification in case of a multi-option product (MOP) that comprises only one investment option that (partially) invests in line with the Taxonomy Regulation? Would the e

SFDR

Product disclosures as presented in art. 10 SFDR and art.31 to 57 Delegated Regulation: Can EIOPA provides more clarity on the fact, as it wasn’t specified in the Delegated Regulation, that website di

SFDR

Hybrid products and Article 22 Delegated Regulation: Can EIOPA provide more clarity on the use of Article 22 of the Delegated Regulation? Can this article be used for the guaranteed part of a hybrid p

SFDR

How should "all investments" be understood? Gross asset value including cash, other assets, other liabilities? Or only actual investments, e.g., only private equity / private debt assets?

SFDR

Do you consider the provisions regarding "underlying investment options" e.g., Article 21 Delegated Regulation to be relevant for portfolio management products?

SFDR

Reporting Templates

(EU) No 2015/2450 - templates for the submission of information to the supervisory authorities · Art. Article 35 of SII Directive

Solvency Capital Requirement (SCR)

(EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII) · Art. 189(3)

Other

Guidelines on reporting and public disclosure · Art. Directive 2014/65/EU

Own Funds (OF)

(EU) No 2017/1469 - standardised presentation format for the insurance product information document, Guidelines on classification of own funds · Art. N/A

Settlement fails

Central Securities Depositories Regulation (CSDR) Regulation (EU) No 909/2014- PTR- CSDR

Persons professionally arranging or executing transactions

Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity

Own Funds (OF)

(EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII) · Art. Article 1 (item 46); Article 260 (item 2 and 3)

Where a UCITS, AIF or unit-linked insurance-based investment product refers to an index in its investment objectives and policy as a benchmark and will measure the performance against that index, but

PRIIPs

Is it possible to alter the prescribed wording in the KID template for OTC derivatives? It is recognised in point 6a of Annex III and point 12 of Annex V of the Delegated Regulation that some of the s

PRIIPs

Can a fund with multiple share classes use the price history of an existing share class when a new share class is created rather than use the price history of a benchmark?

PRIIPs

What approach should be taken for Category 2 PRIIPs for which there is not an appropriate benchmark or proxy with sufficient historical data which meets the criteria set out in point 5 of Annex IV of

PRIIPs

For Category 2 PRIIPs, is it possible to use lower percentiles of the estimated distribution of outcomes as foreseen in point 24 of the Delegated Regulation?

PRIIPs

Point 15 of Annex IV of the Delegated Regulation states that for Category 2 PRIIPs for which there is not an appropriate benchmark with sufficient history, performance scenarios shall be calculated in

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

Is it required to keep the same benchmark for the SRI and performance scenario calculations?

PRIIPs

Point 12 of Annex IV of the Delegated Regulation notes that where the objectives of the PRIIP make reference to a benchmark, that benchmark shall be used for the performance scenario calculations. How

PRIIPs

What is the intended calculation for the “linear transformation” in point 7(c)(iv) iof Annex IV of the Delegated Regulation?

PRIIPs

Point 19 of Annex VIII of the Delegated Regulation states that “In the case of mergers referred to in Article 2(1)(p)(i) and (iii) of Directive 2009/65/EC, only the past performance of the receiving U

PRIIPs

For the identification of additional shorter sub intervals in point 7(b) of Annex IV of the Delegated Regulation, does this mean only the sub intervals that are truncated by the end of the time period

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

In terms of the identification of sub intervals in point 7(a) of Annex IV of the Delegated Regulation are these all contained within in the time period defined in point 6 of Annex IV?

PRIIPs

The UCITS KIID framework introduced the concept of “Absolute Return Funds”. For these types of funds, there is no need to select an appropriate risk benchmark and the UCITS SRRI is determined in its e

PRIIPs

When several versions of a benchmark are available which differ in the approach taken to reinvestment of revenues, which version should be used in the past performance chart?

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

If a UCITS, AIF or unit-linked insurance-based investment product does not yet have past performance data for one complete calendar year (and is not a UCITS or AIF which may provide simulated data for

PRIIPs

In the Delegated Regulation, the VEV for flexible funds is determined by taking the maximum of the three following options: 1. VEV of the returns of the share class self-history, 2. VEV of the returns

PRIIPs

Does Article 2(2a)(d) of the Delegated Regulation require a UCITS or AIF to provide a clear indication of whether it is actively or passively managed?

PRIIPs

Does the requirements in Articles 6(1) and 9 of the PRIIPs Regulation mean that past performance disclosed regarding a benchmark index should be consistent with past performance disclosure in other in

PRIIPs

What is the meaning of ‘whether this approach includes or implies a reference to a benchmark’ in Article 2a(d) of the Delegated Regulation? A UCITS or AIF managed in reference to a benchmark index is

PRIIPs

It should be clarified in Annex I of the Delegated Regulation, where the name of the group should be included and whether it should be shown in bold.

PRIIPs

What is the meaning of indicating ‘the degree of freedom from the benchmark’ in Article 2a(d) of the Delegated Regulation?

PRIIPs

Is it possible to signpost to a glossary?

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

If the benchmark is changed, how should the chart of past performance be displayed for the period preceding the change?

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

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

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

PRIIPs