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Retail legislation


Retail investors

The KID-PRIIPS (Key Information Document for Packaged Retail Investment and Insurance-based Products) Regulation requires fund managers who sell investment products to retail investors to produce a three-page document detailing the risk profile, as well as the expected performance of the product, and to disclose costs these investors would face when investing. For this purpose, retail investors are all investors that are not deemed professional under revised MiFID/MiFIR rules, which came into force in 2018.

Currently, the European Commission is considering developing an EU Retail Strategy, which will not only influence the upcoming review of the KID framework and the MiFID definition of a professional investors but also steer the debates on fees imposed to retail clients.

How does it affect private equity?

Because retail investors include some traditional investors in private equity, such as high-net-worth individuals or family offices, several private equity fund managers have to produce a KID for these individuals. Invest Europe has long argued that the production of a KID is not justified for investors who are sophisticated enough to invest in private equity and that changes to the MiFID definition of a professional investor were required.

KID PRIIPS member guide

Invest Europe offers its members exclusive guides to policy, compliance, and many current issues affecting the industry.

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KID PRIIPS library

Positions & consultation responses

Response to ESAs Call for Evidence on KID PRIIPs Regulation

21 Dec 2021
Download PDF 350.6 KB
Positions & consultation responses

Response to ESMA Call for Evidence on the European Commission mandate on certain aspects relating to retail investor protection

15 Nov 2021
Download PDF 335.38 KB
Position paper

Open to All - Position Paper on private equity and retail investors

06 Aug 2021
Download PDF 264.14 KB
Positions & consultation responses

Response to EC Roadmap on EU Retail Strategy

05 May 2021
Download PDF 251.05 KB
Positions & consultation responses

Response to ESAs Consultation on KID PRIIPS

13 Jan 2020
Download PDF 386.51 KB
Positions & consultation responses

Response to ESAs Consultation on KID PRIIPs

06 Dec 2018
Download PDF 702.3 KB
Positions & consultation responses

Response to Capital Markets Union Mid-Term Consultation

17 Mar 2017
Download PDF 446.9 KB
Positions & consultation responses

Response to European Commission Call for Evidence on EU Regulatory Framework for Financial Services

31 Jan 2016
Download PDF 474.66 KB
Positions & consultation responses

Response to ESAs Consultation Paper on KID-PRIIPS draft regulatory technical standards

29 Jan 2016
Download PDF 205.02 KB
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