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.
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.
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