ESAs urge the European Commission to clarify the scope of the PRIIPs Regulation

The European Supervisory Authorities (ESAs) have today written to the European Commission regarding the application of the scope of the Packaged Retail and Insurance-based Investment Products Regulation 1286/2014 (PRIIPs Regulation).

Uncertainty as to the scope of the Regulation has led to negative consequences for the functioning of financial markets and access to these markets by retail investors. In the letter, the ESAs call upon the European Commission as a matter of urgency to provide detailed public guidance on which types of products, and in particular bonds, fall within the scope of the Regulation. To support this, the ESAs analysed the application of the scope to some main types and features of bonds.