Pursuant to Article 5(2) of the PRIIPs KID Regulation (Regulation (EU) No 1286/2014), any Member State may require the ex ante notification of the key information document (KID) by the PRIIP manufacturer or the person selling a PRIIP to the competent authority for PRIIPs marketed in that Member State. Thus far, we are aware of four jurisdictions that have chosen to implement this requirement: Belgium, Croatia, Finland and Italy. In addition, Portugal and Slovenia have each proposed draft legislation which will require, amongst other things, prior notification of the KID to the national competent authority. We are not aware at this time of any other countries which have implemented or are intending to implement the Article 5(2) pre-notification requirement (other than in relation to certain funds in a number of Member States), but some jurisdictions have yet to implement PRIIPs KID into local law, and therefore could possibly include a PRIIPs KID pre-notification requirement in their implementing legislation.
A table of the PRIIPs KID pre-notification requirements in each of Belgium, Croatia Finland, Italy, Portugal and Slovenia can be found at our PRIIPs KID hub. Please note that the information contained there is in summary form only: the applicable legislation should be reviewed and local advice should be taken – particularly in regard to the detailed filing requirements – before making any KID pre-notification in the relevant jurisdiction. We will make periodic updates to the information in the tables as developments happen.
