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Discover more about this topic in the sections below. Request a demo to find out more about our fast-track transition approach or contact us for further information.
From 1st January 2023 asset managers and insurers must comply with the new PRIIPs RTS for PRIIPs distributed in the EU.
Specifically, asset managers will be required to transition from the existing UCITS KIID to the PRIIPs KID. Insurers, meanwhile, will no longer be able to rely on the KIID and must start producing Specific Information Documents (“SIDs”). Now is the time for market players to revisit their current production processes and take the necessary steps to comply.
Since 2017, EY has produced over 200 000 PRIIPs KIDs for multiple asset managers and insurers across Europe. These are the solution features that clients value the most:
Reduced onboarding time
High degree of automation
Digital flexibility in bringing end-to-end process efficiency, such as direct integration with the client website and end-investor portal
Complete functionality including all the necessary calculations
One-stop shop with 30 additional plug-and-play reports – such as SFDR reports, EET – all available on the same platform
Report production in all European languages
Distribution in all European countries
Maintenance of the UCITS KIID process for the UK
The new PRIIPs RTS requires asset managers to transition to the PRIIP KID and implement the following changes:
New performance scenario calculation, requiring a completely new implementation of data history
New benchmark requirements
New website disclosure requirements for performance scenario calculation results
Change in cost illustration
Past performance to be published, but not within the PRIIP KID
Significant increase in demand for European PRIIPs Template (“EPTs”)
Minor changes to transaction costs – the estimate/new PRIIPs method can be used until end of 2025, when arrival price methodology becomes mandatory
EY’s reporting service decreases your operational workload and EY’s fund reporting cockpit enables you to remain in full control of your reporting process:
Intuitive dashboards provide transparency on EY’s reporting service, which eases report review and validation processes
Efficient narrative management is enabled – for example, changes can be made to investment objectives and the new KID will be produced in real-time.
Clearly illustrated regulatory monitoring requirements, automatic checks and EY’s pre-review
Central data management for all your reporting needs
The new PRIIPs RTS requires Insurers to transition the production of Specific Information Documents (“SIDs”) per investment option and implement the following changes:
Insurance product KID to include additional narratives and new cost disclosures in case of product cost expressed in a single figure
SID to be produced for each underlying investment option, by using the European PRIIPs Template (“EPT”) received from external asset managers
Additional translations of the SID document when the insurer distributes its products in countries different to that of the asset manager
New calculation methods for performance scenarios including new data history requirements for insurance funds. Risk and performance scenario calculations should be performed on a monthly basis
Category 2 insurance funds must publish monthly performance scenarios on the insurance website; unit-linked insurance funds must publish the past performance
Monitoring of SRI and moderate performance scenarios of the underlying investment options with re-publication in case of changes
EY’s reporting service decrease your operational workload and EY’s insurance reporting cockpit enables you to remain in full control of your reporting process:
Automatic collection of PRIIPs data from external asset managers through the EPT for each UCITS fund
Large scale production of SIDs in the language in which the product is marketed
Central data management of product and investment options
Clear illustration of regulatory monitoring requirements, automatic checks and EY’s pre-review
Complete functionality – e.g. calculations, translation, and dissemination to regulators (e.g. Consob’s related structured data in xml format)
EY's fast-track transition services
Whether you are seeking advice, an ongoing reporting service or alternatively a report/process review – we are here to help you in each and every scenario.
Getting up to speed
Impact assessment on your current reporting process for the new PRIIPs RTS and UK divergence
Regulatory reporting service
Full end-to-end process along with a pre-review service on EY’s cutting-edge reporting platform
Transition support
Trusted regulatory advisor to support a fast-track transition approach
Review
Strong track record and market insights across Europe
The benefits of EY’s Regulatory Reporting service:
