[Newsflash n. 71]
Following the abrogation of Article 4-decies of Legislative Decree no. 58/1998 (Consolidated Finance Act, TUF) and the consequent repeal of the obligation of prior notification to Consob of PRIIPs KID (see our Newsflash no. 39), on 30 July 2020 Consob launched a public Consultation concerning certain amendments to Artcile 34-bis of Consob Regulation no. 11971/1999 setting forth a new method for manufacturers to make PRIIPs KIDs available to the Regulator in order to allow the exchange of data.
The main amendments under consultation concern:
- scope of application: the obligation to make available the KIDs applies exclusively to PRIIPs manufacturers, no longer to the entities selling PRIPs or distributing insurance investment products;
- content of the obligation: PRIIPs manufacturers shall make PRIIPs KIDs electronically accessible to Consob before marketing the product, thus replacing the current ex ante notification to the Authority.
In particular, Consob introduces specific operating instructions (Annexes 1 and 2) to the Consultation setting out the content and manner to make KIDs electronically accessible. Pursuant to the instructions, not only the KIDs but also structured data shall be made available. Such data have been identified on the basis of the European PRIIPs Template (EPT) that has been developed at EU level for information exchange purposes, and they consist of the identification details of the manufacturer, the name of the PDF file, the main terms of the product and some of the key information contained in the KID.
Such information, including the KID, shall be made accessible to Consob according to the following procedure:
- registration with Consob of the manufacturer through a web-form,
- provision of KIDs and structured data in XML format by the manufacturer in its reserved area on Consob’s SFTP server at least one day before the marketing or publication of an updated version of a previous KID,
- automatic acquisition of KIDs and data by Consob.
Changes to the KID or structured information shall be amended in a timely manner. Changes of an existing PRIIP shall be communicated 15 days in advance of the date when they are expected to become applicable.
According to the Consultation, starting from the date of entry into force of the instructions, entities that notified the KID according to the previous provisions shall check that their registration is correct and in compliance with the new instructions not later than 15 days prior to the publication of a new KID or an update of a KID notified according to the previous instructions.
Comments to the Consultation should be received by 30 September 2020.
For any further clarification on this matter and for assistance to submit your comments to Consultation, please refer to your contact in Legália.
Contacts:
Vito Vittore
Partner
Elena Pagnoni
Partner
Tommaso Ceschia
Associate
Rocco Disabato
Associate
