"To Be or Not to Be": Determining When a European Bond is a PRIIP
On October 24, 2019, the European Supervisory Authorities ("ESAs"), consisting of the European Securities and Markets Authority, the European Banking Authority, and the European Insurance and Occupational Pensions Authority, issued a joint statement on the circumstances under which the Packaged Retail and Insurance-based Investment Products ("PRIIPs") Regulation applies to bonds.
A few days earlier, on October 16, 2019, the ESAs published a new Consultation Paper on Regulatory Technical Standards for PRIIPs and are now accepting comments until January 13, 2020.
In parallel, the European Commission will undertake a full-scale review of the PRIIPs Regulation, and the outcome of the review is expected to be published by December 31, 2019, after being pushed back a year.
