Joint ESA Supervisory Statement on expectations regarding the 'What is this product' section in PRIIPs KID

The objective of this Supervisory Statement is to achieve a high, effective and consistent level of regulation and national supervision promoting a level playing field and the protection of retail investors.

The ‘What is this product?’ section is the first descriptive section of the KID and is an essential part of the document to enable retail investors to understand the key features of the product. It is also a largely “free text” section within the KID template, where it is the responsibility of the PRIIP manufacturer to use appropriate text or language and there are not pre-defined narrative explanations.