What changed between the draft committee report and the plenary report

Removed:Article 1 – paragraph 1 – point 5 – point a, Article 8 – paragraph 3 – point aa: deleted / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted)

Added:(a) point (d) is replaced by the following:

Removed:The ‘Product at a glance’ section aims at summarizing a document that wraps up essential information about a product in a 3-page format. The content is redundant with those of the PRIIPS KID and will use space in a document that is already very dense. This addition does not concur to the much-needed simplification of PRIIPs.

Added:‘(d) securities as referred to in Article 1(2), points (b) to (e), and point (g) of Regulation (EU) 2017/1129 of the European Parliament and the Council*;’;

Removed:Regulation (EU) No 1286/2014

Added:(b) the following point (h) is added:

Removed:Article 1 – paragraph 1 – point 5 – point c, Article 8 – paragraph 3 – point c – point (ii) – point 1: (1) a description of the underlying investment assets or reference values;

Added:‘(h) pension products that are annuities and do not have an accumulation phase (immediate annuities)’;

Removed:Regulation (EU) No 1286/2014

Added:* Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168, 30.6.2017, p. 12).;

Added:(a) in point (1), the following text is added after the last sentence:

Removed:Article 1 – paragraph 1 – point 5 – point e a (new), Article 8 – paragraph 5 – subparagraph 2: (ea) in paragraph 5, the second subparagraph is replaced by the following: / “When developing the draft regulatory technical standards, the ESAs shall take into account the various types of PRIIPs, the differences between them and the capabilities of retail investors as well as the features of the PRIIPs so as to allow the retail investor to select between different underlying investments or other options provided for by the product, including where this selection can be undertaken at different points in time, or changed in the future. Where appropriate, in order to provide information which is fair, clear and not misleading to retail investors, different approaches may be taken between different types of products.”;

Added:“, except if those fluctuations are only attributed to the inclusion of a make whole clause as defined in Article 4(1)(44a) of Directive 2014/65/EU.”

Added:(aa) point (5) is replaced by the following:

Removed:Without giving up on to the overarching aim of comparability between substitutable products, it should be possible to allow additional differentiation in how the rules apply to different types of products. It is necessary to slightly adapt the ESA’s Level II mandate to signal that the aim of comprehensibility should prevail over that of comparability. This would remove the rigidities of current rules which often prevent ESAs to adopt, in Level II, methodologies for certain families of products that would have been beneficial to retail investors' understanding and decision-making.

Added:‘(5) ‘PRIIP distributor’ means a person advising on, offering, selling or concluding a PRIIP contract with a retail investor;’;

Removed:Regulation (EU) No 1286/2014

Added:(b) The following point (7a) is inserted:

Removed:Article 1 – paragraph 1 – point 5 a (new), Article 10 – paragraph 1: (5a) in Article 10, paragraph 1 is replaced by the following: / “1. For as long as the PRIIP is open to new subscriptions, the PRIIP manufacturer shall review the information contained in the key information document regularly and shall revise the document where the review indicates that changes need to be made. The revised version shall be made available promptly.”

Added:‘(7a) ‘electronic format’ means electronic format as defined in Article 4, point (62a), of Directive 2014/65/EU;’;

Added:(4) ▌Article 6 is amended as follows:

Removed:The obligation to update the PRIIPS KID even after a product is closed to subscription is burdensome for manufacturers and does not fulfil its original purpose, which is to inform new investors about the main characteristics of the product. Instead of level II measures proposed by the Commission under article 10(2)(b), a level I provision which exempts products that are "closed to new investments" represents a more straightforward solution to clarify the issue.

Added:(a) paragraph 2 is replaced by the following:

Removed:Regulation (EU) No 1286/2014

Added:“2. The key information document shall be a stand-alone document, clearly separate from marketing materials. It shall not contain cross-references to marketing material or any investment recommendations. It may contain cross-references to other documents including a prospectus where applicable, but only where the cross-reference is related to the information required to be included in the key information document by this Regulation.”;

Removed:Article 1 – paragraph 1 – point 6 – point a, Article 10 – paragraph 2 – point b: (b) the conditions under which the key information document must be revised, distinguishing between PRIIPs that are still made available to retail investors and PRIIPs that are no longer made available and in relation to which payments or transfers are no longer possible;

Added:(b) paragraph 3 is replaced by the following:

Removed:This amendment aims at taking into account PRIIPs that are no longer made available but in relation to which payments, transfers or arbitrages may still be carried out. In such case, key information document should be revised and kept up-to-date.

Added:“3. By way of derogation from paragraphs 2 and 4, where a PRIIP manufacturer offers the retail investor a range of options for investment, the PRIIP manufacturer shall provide a generic description of the investment options and may provide the information required by Article 8(3) with regard to the different investment options in separate documents. The information provided relating to each underlying investment option:

Removed:Regulation (EU) No 1286/2014

Added:(a) may include only the costs for the underlying investment option, provided that the overall costs of the PRIIP relating to that investment option are separately included in the key information document to the retail investor;

Removed:Article 1 – paragraph 1 – point 6 – point b, Article 10 – paragraph 2 – subparagraphs 2 and 3: deleted / (deleted) / (deleted)

Added:(b) shall consist of no more than four sides of A4-sized paper when printed.

Removed:This issue can be dealt with directly in the Level I, without the need for a specific Level II empowerment – see previous amendments.

Added:In addition, PRIIP manufacturers shall facilitate comparison between different underlying investment options through the use of a summary table or other comparison tools, such as a filtering mechanism.”;

Removed:Regulation (EU) No 1286/2014

Added:(c) paragraph 4 is replaced by the following:

Removed:Article 1 – paragraph 1 – point 6 a (new), Article 13 – paragraph 1: (6a) in Article 13, paragraph 1 is replaced by the following: / “1. A person advising on, or selling, a PRIIP shall provide retail investors with the key information document in good time before those retail investors are bound by any contract or offer relating to that PRIIP. Where marketing communication about the PRIIP is provided to retail investors in paper or digital format, the key information document shall be provided at the same time, as well as an explanation on the regulatory nature of that document.”;

Added:“4. The key information document shall be a short document written in a concise manner and shall consist of no more than four sides of A4-sized paper when printed, which promotes comparability. It shall:

Added:(a) be presented and laid out in a way that is easy to read, using characters of readable size;

Removed:Mystery shopping campaigns have shown that the KID is often handed to the client at a later stage in the commercial process compared to marketing materials consisting of paper documents or electronic format documents. The PRIIPs regulation should be modified in order to clearly stipulate that the KID should be given to retail investors at the same time as any other market material provided on paper or electronic format. In addition, the person advising on or selling the PRIIPs should have the obligation to explain to the client that the KID is of a different nature than marketing materials.

Added:(b) focus on the key information that retail investors need;

Removed:Regulation (EU) No 1286/2014

Added:(c) be clearly expressed and written in clear, succinct and comprehensible language and in a style that facilitate the understanding of the information.”;

Removed:Article 1 – paragraph 1 – point 7, Article 14 – paragraph 2 – point d a (new): (da) where the PRIIP offers the retail investor a range of options for investments: / (i) the key information shall reflect the combination of investment options that the retail investor is considering; / (ii) the pre-contractual information documentation relating to the underlying investment assets backing the investment options shall be easily accessible through a link next to the interactive tool.

Added:(5) Article 8 is amended as follows:

Removed:Additional conditions in order to take into account the specific nature of multi-option products:1) the information should relate to the investment allocation envisaged by the investor in order to be as personalized and complete as possible; 2) like the key information document, the documentation related to underlying investment assets backing the investment options should also be easily accessible.

Added:(a) in paragraph 3, point (aa) is added:

Removed:Article 2 – paragraph 1: This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from [PO please insert the date = 18 months after the publication in the Official Journal of the European Union of the delegated acts referred to in Article 10(2) and the adoption by the Commission of regulatory technical standards referred to in Article 8(5) and Article 14(3), whichever happens last].

Added:‘(aa) under a section titled ‘Product at a glance’ a dashboard with summarised information about all of the following:

Removed:As it has been done with PEPP Regulation, the date of entry into application should be set in reference to the publication of delegated acts and regulatory technical standards in order to increase predictability for National Competent Authorities and market players.

Added:(i) the type of the PRIIP, as referred to in point (c)(i);

Added:(ii) the summary risk indicator referred to in point (d)(i);

Removed:The Rapporteur welcomes the timely Commission’s proposal for the Retail Investment Strategy, in line with one of the key Commission’s objectives of the 2020 capital markets union action plan to make the EU an even safer place for individuals to save and invest long-term.

Added:(iii) the total costs of the PRIIP;

Removed:The Commission’s proposal consists of:

Added:(iv) the recommended holding period referred to in point (g)(ii);

Removed: Proposal for a Directive of the European Parliament and of the Council amending Directives (EU) 2009/65/EC, 2009/138/EC, 2011/61/EU, 2014/65/EU and (EU) 2016/97 as regards the Union retail investor protection rules;

Added:(v) whether the PRIIP offers the insurance benefits referred to in point (c) (iv), including whether the PRIIP offers financial guarantees;’

Removed: Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 1286/2014 as regards the modernisation of the key information document.

Added:(b) in paragraph 3, point (b) is replaced by the following:

Removed:The Rapporteur considers this proposal to be one of the key proposals of this mandate. Given the time constraints, she has identified main political priorities, which she addresses in her draft report, with the aim to continue the discussions. She will further amend the proposal throughout the amendment procedure.

Added:‘(b) where applicable, appropriate warnings about the specific risks of potential losses associated with particularly risky or complex financial instruments in accordance with Article 24(5c) of Directive 2014/65/EU or with particularly risky or complex insurance-based investment products in accordance with Article 29(5) of Directive (EU) 2016/97;

Removed:The Rapporteur fully shares the objectives of this proposal. More than 70 % of EU citizens have never invested in financial products due to various reasons, whether they find it too complex or they have concerns about the risks. Therefore, we must do everything to encourage citizens to change this. The new rules to protect and empower retail investors must provide for clear and transparent information and ensure that the financial advice is in the best interest of the retail investor.

Added:In order to facilitate consultation and comparison of data, ESMA and EIOPA, in cooperation with NCAs, shall develop an independent online comparison tool for packaged retail and insurance-based investment products. That tool shall at least include information related to the performance, risk level, recommended holding period and the cost and fees of a PRIIP, and mention its qualitative features.

Removed: Inducements

Added:The comparison tool shall be developed using the key information document data provided by the European Single Access Point as established by Regulation (EU) xxxx/xxxx (ESAP). In developing the independent online comparison tool, ESMA and EIOPA shall carry out consumer testing.

Removed:The Rapporteur expressed strong views against a full ban on inducements. She remains concerned about the introduction of a partial ban on executive-only services which is not justified and does not seem to address issues of conflict of interest. This looks more like it is a first step towards a full ban. Many consumers in the EU rely on the advice of financial advisors and therefore it is necessary to enhance the current framework with appropriate tools and improvements. She believes that the conflicts of interest can be addressed via increased transparency. Moreover, the Rapporteur is of the opinion that the timing and the content of the review clause is unsatisfactory. This review clause shall not be biased as to lead to the automatic introduction of a full inducement ban. Therefore, she proposes to prolong it to 5 years starting from the end of the transposition period of the directive, to allow seeing the real effects of the measures on the market. Furthermore, she suggests broadening the review clause’s scope to provide for an assessment based on potential conflicts of interest, evolution of costs, level of retail investment in capital markets, consumer protection and the relevance of distribution rules.

Added:The independent comparison tool shall be available at the latest 12 months after key information documents are available on the European Single Access Point. A link to the independent online comparator, once available, shall be added to the key information document. Management companies, investment firms and insurance intermediaries shall promote the use of the online comparison tool on their websites, including in relevant marketing material.’;

Removed: Best interest test

Added:(c) in paragraph 3, point (c), point (ii) is replaced by the following:

Removed:In her draft report, the Rapporteur clarifies and strengthens the Commission’s proposal on the ‘best interest’ test under Markets in Financial Instruments Directive (MiFID) and Insurance Distribution Directive (IDD). In MiFID, she proposes to clarify the notion of ‘cost-efficiency’. In IDD, rather than focusing on the cost-efficiency of a product, she suggests that financial advice shall be given based on the performance, level of risk, costs, charges of an insurance based investment product or, where applicable underlying investment options. The products that are offered to the consumers must be tailored to their specific needs and objectives, thus it is not only the price that matters, but equally so the quality of the product.

Added:“(ii) the PRIIP’s financial objectives and the means for achieving those objectives, and in particular whether those objectives will be achieved by means of direct or indirect exposure to the underlying investment assets, including all of the following information:

Removed: Value for Money benchmarks

Added:(1) a description of the underlying investment assets or reference values;

Removed:In the Rapporteur’s view, the Commission’s proposal on value for money could be disruptive on the market, as it would lead to reduced diversity of products and supressed innovation. She believes that the lack of clarification regarding the methodology applied to design those benchmarks prevents us to assess how these would truly unfold in practice. The Rapporteur fully agrees with the principle that the product must deliver value for money and that the products with unjustified and disproportionate high costs and charges have no place on the market. However, further discussions are needed on this point in order to find the right and balanced approach. Hence, the Rapporteur in her draft report deletes the benchmarks, with a view to continue discussions on this topic.

Added:(2) a specification of the markets the PRIIP invests in;

Removed: Supervision and cross-border practices

Added:(3) information about how the return is determined;’;

Removed:The Commission’s proposal does not go far enough in this respect and therefore the Rapporteur proposes amendments in pursuance of boosting the cross-border supervision and ensuring the equal protection for all consumers in all EU Member States. In this spirit, the Rapporteur introduces an obligation for companies to register in the same Member State where their head office is located, in order to avoid forum-shopping.

Added:(ca) in paragraph 3, the following points are inserted:

Removed: Finfluencers

Added:‘(ca) for PRIIPs in respect of which financial market participants are to disclose pre-contractual information pursuant to Article 8 and 9 of Regulations (EU) 2019/2088 of the European Parliament and of the Council, under a section titled ‘How environmentally sustainable is this product?’, the following information:

Removed:Digitalization has created a new generation of investors. We see the emergence of so-called “finfluencers” operating on social media and mobilizing mainly younger generations. The Rapporteur welcomes the measures proposed by the Commission to ensure clear, fair and no misleading marketing communications and to address concerns when it comes to financial influencers. They often lack specific knowledge in the area. Therefore the Rapporteur proposes additional elements to strengthen this part of the proposal even further, for example, by imposing the firms to sign a contract with the finfluencers in order to ensure transparency and determine responsibility. She also suggests to extend the provision regarding the ‘procedure to address unauthorised activities offered through digital means’, to finfluencers using miss-selling practices.

Added:(i) the minimum proportion of the investment of the PRIIP that is associated with economic activities that qualify as environmentally sustainable in accordance with Articles 5 and 6 of Regulation (EU) 2020/852 of the European Parliament and of the Council;

Removed: Financial literacy

Added:(ii) the greenhouse gas emissions intensity associated with the PRIIP pursuant to Delegated Regulation (EU) 2022/1288, if applicable to the product;’

Removed:The Rapporteur perceives financial literacy as a vital element of improving investment behaviour in the EU, not only for consumers but also for financial advisors in order to provide high-quality professional advice. According to the recent Eurobarometer survey, only 18 % of EU citizens have a high level of financial literacy, 64 % have a medium level and 18 % a low level, while there are also huge divergences among Member States. These numbers clearly show that much more needs to be done in this field and that the EU must fully use its role to urge Member States to be ambitious in this regard.

Added:(iii) whether, in relation to the PRIIP, the PRIIP manufacturer has considered the principal adverse impacts of the investment decision on sustainability factors pursuant to Regulation (EU) 2019/2088;

Removed: Data providers

Added:(cb) for products covered by Article 8 or 9 of Regulation (EU) 2019/2088, a link to relevant additional disclosure information provided under Article 10(1)(c) of Regulation (EU) 2019/2088;’;

Removed:Financial and non-financial market data are essential to the correct functioning of financial markets and to the provision of quality investment services to clients. These data must be of high quality, reliable, subject to very strict control procedures and accessible at fair conditions. The access, use and cost of financial and non-financial market data necessary to provide investment services and to manufacture and distribute financial products are an important portion of the costs borne by investment firms, representing therefore a significant proportion of the total charges paid by retail clients. That is why the Rapporteur is of the view that the EU should implement horizontal and holistic European regulation for both financial and non-financial data providers and their activities, which should be accompanied by increased supervision of all data providers (including the third-country providers who currently benefit from an oligopolistic situation) at the European level.

Added:(cb) in paragraph 3, point (d), point (iii) is amended as follows:

Removed: Packaged retail and insurance-based investment products (PRIIPS)

Added:“(iii) appropriate information on performance and the assumptions made to produce it. Where information on future performance is provided, it shall be based on performance scenarios;”;

Removed:The Rapporteur welcomes the Commission’s proposal on PRIIPS but sees the need to introduce further adjustments to market practices and certain adaptations to the insurance sector. She suggests erasing a new section in the Key Information Document titled ‘Product at a glance’ and will continue to further assess the alignment of the new sustainability section with the relevant existing legislation.

Added:(d) ▌

Added:(e) Paragraph 4 is deleted.

Added:(ea) in paragraph 5, the first and second suparagraphs are replaced by the following:

Added:“In order to ensure consistent application of this Article, after conducting consumer testing, the ESAs shall, through the Joint Committee of the European Supervisory Authorities (‘Joint Committee’), develop draft regulatory technical standards specifying:

Added:(a) the details of the presentation and the content of each of the elements of information referred to in paragraph 3;

Added:(b) the methodology underpinning the presentation of risk and reward as referred to in points (d) (i) and (iii) of paragraph 3; and

Added:(c) the methodology for the calculation of costs, including the specification of summary indicators, as referred to in point (f) of paragraph 3.

Added:When developing the draft regulatory technical standards, the ESAs shall take into account the various types of PRIIPs, the differences between them and the capabilities of retail investors as well as the features of the PRIIPs so as to allow the retail investor to select between different underlying investments or other options provided for by the product, including where this selection can be undertaken at different points in time, or changed in the future. Where appropriate, in order to provide fair, clear and non-misleading information to retail investors, different approaches should be taken for different types (i.e., groups or categories) of products.

Added:In relation to the presentation and content of the information referred to in paragraph 3, point (ca), the ESAs shall take into account the financial product disclosures made in accordance with Regulation (EU) 2019/2088 and Delegated Regulation (EU) 2022/1288. Alignment with the present Regulation shall be ensured to the extent needed in order to meet the KIDs' objectives and preserve the readability of the information to potential retail investors.

Added:(f) In paragraph 5, the third subparagraph is replaced by the following:

Added:“The ESAs shall submit those draft regulatory technical standards to the Commission by … [PO please insert the date= one year after the date of entry into force of this amending Regulation].”

Added:_______________

Added:** Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector (OJ L 317, 9.12.2019, p. 1).

Added:*** Commission Delegated Regulation (EU) 2022/1288 of 6 April 2022 supplementing Regulation (EU) 2019/2088 of the European Parliament and of the Council with regard to regulatory technical standards specifying the details of the content and presentation of the information in relation to the principle of ‘do no significant harm’, specifying the content, methodologies and presentation of information in relation to sustainability indicators and adverse sustainability impacts, and the content and presentation of the information in relation to the promotion of environmental or social characteristics and sustainable investment objectives in pre-contractual documents, on websites and in periodic reports (OJ L 196, 25.7.2022, p. 1).

Added:****Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).’;

Added:(fa) in paragraph 5, the following subparagraph is added:

Added:“Five years after the date of application of Regulation (EU) .../... [OP Please introduce the number of this amending Regulation] and after having consulted ESMA and EIOPA, the Commission shall assess the degree of alignment between the pre-contractual disclosure of information referred to in paragraph 3, point (ca), of this Regulation and the pre-contractual disclosure framework contained in Articles 8 and 9 of Regulation (EU) 2019/2088. The Commission shall present a report on its main findings to the European Parliament, the Council and the European Economic and Social Committee. Where appropriate, the report shall be accompanied by a legislative proposal ensuring such alignment to the extent that it is compatible with the KIDs’ objectives."

Added:(5a) Article 10(1) is amended as follows:

Added:“1. The PRIIP manufacturer shall review the information contained in the key information document regularly and shall revise the document where the review indicates that changes need to be made. The revised version shall be made available promptly.

Added:By derogation from the first subparagraph, the requirement to review and revise the key information document shall cease to apply where the PRIIP is no longer open to new subscriptions and cannot be purchased on a secondary market.”;

Added:(6) in Article 10(2), ▌point (b) is replaced by the following:

Added:‘(b) the conditions under which the key information document must be revised, distinguishing between PRIIPs that are still made available to retail investors and PRIIPs that are no longer open to new subscriptions and cannot be purchased on a secondary market;”

Added:▌

Added:(6a) Article 13 is amended as follows:

Added:(a) paragraph 1 is replaced by the following:

Added:“1. A PRIIP distributor shall provide retail investors with the key information document in good time before those retail investors are bound by any contract or offer relating to that PRIIP. In any case where marketing communication about the PRIIP is provided by the financial adviser to the retail investor on paper or in a digital format, the key information document shall be provided to the retail investor at the latest at the same time, together with an explanation of the regulatory nature of such document.”;

Added:(b) paragraph 4 is replaced by the following:

Added:“4. Where successive transactions regarding the same PRIIP are carried out on behalf of a retail investor in accordance with instructions given by that retail investor to the person selling the PRIIP prior to the first transaction, the obligation to provide a key information document under paragraph 1 shall apply only to the first transaction, and a detailed description shall be provided where the key information document has been revised in accordance with Article 10.

Added:Additionally, prior to an additional subscription, the latest revised version of the key information document shall be provided to the retail investor upon request.”;

Added:(7) Article 14 is replaced by the following :

Added:‘Article 14

Added:(1) The person advising on, or selling, a PRIIP shall provide the key information document to retail investors free of charge. The information shall be provided in an electronic format, unless the retail investor has requested to receive the key information document on paper. The person advising on, or selling a PRIIP shall inform the retail investors about their right to receive the key information document on paper free of charge. The content of the key information document in an electronic format and on paper must be the same, with adequate adaptations to guarantee access to all relevant information referred to therein.

Added:(2) The electronic format of the key information document may be provided by means of an interactive tool to make the key information document more comprehensible and easier to read. The tool shall base the information on the key information document or the information underlying it and may allow information to be displayed based on personal preferences in an interactive way.

Added:That tool shall respect the following conditions:

Added:(a) thee interactive tool, or its use, shall not alter the understanding of the key information document;

Added:(b) all key information shall be presented;

Added:(c) the key information document shall be easily accessible through a link next to the interactive tool, and the link shall be accompanied by the following message "It is recommended to download and store the key information document”;

Added:(d) the interactive tool shall allow investors to simulate costs over the recommended holding period.

Added:(da) where the PRIIP manufacturer offers the retail investor a range of options for investments:

Added:(i) the information provided shall reflect the combination of investment options that the retail investor is considering;

Added:(ii) the pre-contractual information documentation relating to the underlying investment assets backing the investment options shall be easily accessible through a link next to the interactive tool.

Added:Where the key information document is provided in accordance with the first subparagraph, its format may be adapted compared to the presentation of the key information document referred to in Article 8.

Added:(3) After conducting consumer testing, the ESAs shall develop draft regulatory technical standards specifying the modalities for personalising the information as referred to in paragraph 2, the first subparagraph, and the conditions for adapting the formatting of the information, as referred to in paragraph 2, the second subparagraph.

Added:In addition to the modalities referred to in the first subparagraph, the regulatory technical standards shall include the conditions for personalising the key investor information in the following manners:

Added:(a) the conditions for personalising the information to allow investors to simulate costs over a holding period that is different from the recommended holding period;

Added:(b) the conditions for personalising the information to allow investors to compare different PRIIPs;

Added:(c) the conditions for personalising the information to make it accessible to persons with disabilities.

Added:(4) The key information document may be presented in a layered format. In that case, the dashboard referred to in Article 8(3), point (aa) shall appear in the first layer.

Added:(5) The retail investor shall be notified electronically, or in written form, of the address of the website, and the place on the website where the key information document can be accessed.

Added:(6) The latest version of the key information document shall remain easily and publicly accessible to all retail investors on the website of the PRIIPs manufacturer and, with regard to the relevant PRIIPs that are sold or subject to investment advice, on the website of the PRIIPs distributor.

Added:The key information document shall remain capable of being downloaded and stored in a durable medium, for such period of time as the retail investor may need to consult it.

Added:If the key information document is not available on the website of the distributor, the distributor shall provide it to the retail investor upon request within 2 working days.

Added:Where the PRIIP manufacturer has revised the key information document as referred to in Article 10, the PRIIP manufacturer shall provide the retail investors with previous versions of the document upon request.

Added:(8) Article 16(2), point (c) is replaced by the following:

Added:"(c) competent authorities have not taken action to address the threat, the actions that have been taken do not adequately address the threat, or the product concerned is marketed in multiple Member States making it difficult for the distribution authority of the home Member State to oversee product distribution issues and for competent authorities of the host Member State to oversee the manufacturing process.".

Added:Entry into force and application

Added:This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from ... [PO please insert the date = 18 months after the publication in the Official Journal of the European Union of the delegated acts referred to in Article 10(2) of Regulation (EU) No 1286/2014 or the adoption by the Commission of the regulatory technical standards referred to in Article 8(5) of Regulation (EU) No 1286/2014, whichever happens last].

Added:This Regulation shall be binding in its entirety and directly applicable in all Member States.

Added:Done at Brussels,

Added:For the European Parliament For the Council

Added:The President The President