Earlier in February, the ESAs - the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational Pensions Authority — failed to make the necessary amendments to the rules regulating the Key Information Document (KID) for PRIIPs , and thus will not be forcing managers to include information on a packaged funds' past performance and actual costs of investing in the product within their KIDs. Guillaume Prache, managing director of BETTER FINANCE, was quoted saying that such a decision is “irresponsible”. BETTER FINANCE considers these key information documents to be poorly designed and inadequate in that they do not provide information on actual costs and performances, especially since ‘future’ ones are unreliable, not comparable and highly misleading.
The full article is available on Law360.