Key information about investment products

Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs)

It obliges those who produce or sell investment products to provide retail investors with key information documents (KIDs) about the products.
The aim is to help investors to understand and compare the key features and risks of these products.

Key information for retail investors

The producer of an investment product intended to be sold to retail investors has to provide a KID concerning the product. Those selling or advising on these investment products have to provide the KID to an investor before any agreement is made.
KIDs should be a maximum of three pages long and provide clear information on a product, allowing the investor to take an informed investment decision.

KIDs should include the following information:
the name of the product and the identity of the producer;
the types of investors for whom the financial product is intended;
the risk and reward profile of the financial product, which includes a summary risk indicator, the possible maximum loss of invested capital and appropriate performance scenarios of the product;
the costs to be borne by the investor associated with the investment in the financial product;
information about how and to whom an investor can make a complaint where there is a problem with the product or the person producing, advising on or selling the product.

Comprehension alert’ for investment products that are difficult to understand

When an investment product is very difficult to understand, the provider has to ensure the KID contains the following warning: ‘You are about to purchase a product that is not simple and may be difficult to understand’.

Investment products covered

The rules apply to packaged retail and insurance-based investment products (also known as PRIIPs). These are a standard range of investment products typically offered by a bank or financial advisers to consumers, for example, in order to save for a specific objective such as a house purchase or a child’s education.
They include investment funds, insurance-based investment products, retail-structured securities, structured deposits and structured products.

Delegated acts

Delegated Regulation (EU) 2017/653, as amended by Delegated Regulation (EU) 2021/2268, supplements Regulation (EU) No 1286/2014.
Its Annex I establishes a common template for the KID describing the purpose of the investment product to help investors understand the nature, risks, costs (entry/exit, ongoing and incidental costs), potential gains and losses of the product, and help them compare it with other products.

The KID must provide information such as:
the name of the product and manufacturer, type of PRIIP, its investment objectives, intended retail investor;
risks and return – a risk indicator including the risk and reward profile, a summary risk indicator, summary-risk-indicator-related narratives, including on possible maximum loss, and performance scenario templates and narratives;
what happens if a PRIIP manufacturer is unable to pay out (information about the guarantee / compensation scheme, the risks covered and those not covered);
costs over time and the composition of costs;
the recommended holding period and information about disinvesting before maturity and applicable fees/penalties, if appropriate;
how a retail investor can lodge a complaint.

Other aspects are addressed in subsequent annexes:
Annex II – methodology for presenting risk;
Annex III – presentation of the summary risk indicator;
Annex IV – performance scenarios;
Annex V – methodology for presenting performance scenarios;
Annex VI – methodology for calculating costs;
Annex VII – presentation of costs.

Application & Background

It has applied since 1 January 2018.

For further information, see:

Key information documents for packaged retail and insurance-based investment products (PRIIPs) (European Commission).


Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) (OJ L 352, 9.12.2014, pp. 1–23).

Successive amendments to Regulation (EU) No 1286/2014 have been incorporated into the original document. This consolidated version is of documentary value only.

Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents (OJ L 100, 12.4.2017, pp. 1–52).


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