EUROPEAN UNION: Updated European PRIIPs Information Exchange Templates

Friday October 6 2017

On 6^th October 2017 Insurance Europe and European Fund and Asset Management Association (EFAMA) published the updated PRIIPs information exchange templates.

The templates were originally published in July 2017 and are meant to provide a functional description of the set of data to be exchanged from asset managers and banks to insurers to help them fulfil their PRIIPs regulatory obligations.

The changes to the templates version 1.1 (compared to version 1.0) can be summarised as follows:

• The European PRIIPs Template (EPT) was amended by two optional parts (items 82 to 101). The first addition is relevant only for funds/structured products offered in the German market whereas the second part amends the EPT for data fields related to structured products which were not catered for in the initial template. Please note that the EPT includes the minimum data necessary that asset managers will deliver free of charge to insurers for them to produce a key information document according to the provisions of the PRIIPs Regulation.
• The “Comfort” EPT (CEPT) does not make any content changes, but merely provides two possible methods for the VEV calculation for regular premium. Please note that this CEPT includes more data, so its delivery is subject to bilateral agreements between insurers and asset managers.

The use of the templates is not compulsory. While the new items are optional, the EFMA have strongly encouraged stakeholders to use of the most recent versions of the templates to ensure operability amongst all users.

Click on the link above for further information.