On 15 December 2020, Consob defined new methods of access to documents containing key information – the so-called "Key Information Documents" (shortly, "KIDs") – of "Packaged Retail and Insurance-based Investment Products" (shortly, "PRIIPs", i.e. pre-assembled retail and insurance investment products) and established the obligation to make information and structured data relating to PRIIPs marketed in Italy accessible to Consob.
The relevant Consob Resolutions (1) provided for a transitional period (the "Transitional Period") under which:
- the obligation to make the KID available in "PDF format" via Consob's "SFTP" server entered into force on 1 January 2021, although the creators of PRIIPs were granted the possibility of making use, until 31 December 2021, of the regime in force, consisting in the prior notification of the KIDs to Consob via certified e-mail (PEC);
- the obligation to make the information and structured data relating to the PRIIPs accessible to Consob is fulfilled by making it available on an "SFTP" server or via a web interface and applies from 1 January 2022.
In this regard, it should be noted that the possibility of making the KID accessible to Consob via PEC was extended until 28 February 2022 (2). In addition, the methods for fulfilling the aforementioned obligations are specified in the specific operating instructions published on Consob's website https://www.consob.it/web/area-operativa-interattiva/priips.
For the purpose of meeting the requirements set out in Consob Resolution no. 21640 of 15 December 2020 (3), the "technical specifications containing the XSD schemes" necessary to fulfil the obligation to make structured data accessible on Consob's "SFTP" servers were also published on Consob's website https://www.consob.it/web/area-operativa-interattiva/priips.
With regard to "undertakings for the collective investment in transferable securities" (shortly, "UCITS") already subject to the Regulation (EU) 1286/2014) (the so-called "PRIIPs Regulation"), it should be noted that the acquisition of the KID and the related structured data can be carried out, alternatively to making it available through the "KID PRIIPs System" (the so-called "SIKID PRIIPs"), by the way of the "DEPROF System", whose guidebook was updated to reflect this alternative method of acquisition. Managers who intend to make use of the DEPROF, for the purposes of the aforementioned obligations, will be able to access it through the credentials already assigned by Consob when starting operations in Italy.
In light of the above, it follows that (i) the Transitional Period ends on 28 February 2022 and (ii) from 1 March 2022, the provisions relating to the acquisition of KIDs and related structured data will apply in the manner indicated above and detailed in the specific instructions available on Consob's website.
[1] See Consob Resolutions no. 21639 and no. 21640 of 15 December 2020.
[2] See Consob Resolution no. 22134 of 17 December 2021.
[3] The effective date of the obligations set out in Consob Resolution no. 21640 has been postponed to 1 March 2022 (See Consob Resolution no. 22134 of 17 December 2021).
Authors: Luca Lo Po' and Claudio Saba
