"To Be or Not to Be": Determining When a European Bond is a PRIIP
On October 24, 2019, the European Supervisory Authorities ("ESAs"), consisting of the European Securities and Markets Authority, the European Banking Authority, and the European Insurance and Occupational Pensions Authority, issued a joint statement on the circumstances under which the Packaged Retail and Insurance-based Investment Products ("PRIIPs") Regulation applies to bonds.
A few days earlier, on October 16, 2019, the ESAs published a new Consultation Paper on Regulatory Technical Standards for PRIIPs and are now accepting comments until January 13, 2020.
In parallel, the European Commission will undertake a full-scale review of the PRIIPs Regulation, and the outcome of the review is expected to be published by December 31, 2019, after being pushed back a year.
Jones Day publications should not be construed as legal advice on any specific facts or circumstances. The contents are intended for general information purposes only and may not be quoted or referred to in any other publication or proceeding without the prior written consent of the Firm, to be given or withheld at our discretion. To request reprint permission for any of our publications, please use our “Contact Us” form, which can be found on our website at www.jonesday.com. The mailing of this publication is not intended to create, and receipt of it does not constitute, an attorney-client relationship. The views set forth herein are the personal views of the authors and do not necessarily reflect those of the Firm.