Question ID: 2534
Regulation Reference: (EU) 2017/653 - PRIIPs Delegated Regulation for key information document
Topic: Key information document (KID)
Article: Annex II, point 13
Status: Rejected
Date of submission: 24 Nov 2022
Question
Please could you confirm the correct formula for the calculation of the VEV, as we are struggling to work out what the latest version is.
Background of the question
The original RTS (EU/2017/653) included "-1.96" inside the square root, but this was replaced by the corrigendum dated 11 May 2017, which removed it from the square root.
The revised RTS (EU/2021/2268) said Annex II point 13 was replaced by removing "-1.96" from the square root, although the corrigendum had already made that change to the original RTS.
A further corrigendum dated 13 April 2022 said that point 13 was replaced by putting "-1.96" back inside the square root calculation once more.
It seems that the latest version in the OJ of EU/2017/653 is dated 19 October 2022, with "-1.96" outside the square root,
(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02017R0653-20221019)
but the latest version of EU/2021/2268 in the OJ is dated 14 July 2022 and has it inside the square root.
(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02021R2268-20220714)
As EU/2021/2268 amends EU/2017/653, we believe the OJ version dated 19 October 2022 should be the valid one, but there appears to be some contradiction between the latest published versions of the 2 sets of RTS.
EIOPA answer
This question has been rejected because the issue it deals with is already addressed in the relevant legislative provisions.
The formula should not include "-1.96" inside the square root. A corrigendum was issued on this on 16 March 2023 (EUR-Lex - 32021R2268R(06) - EN - EUR-Lex (europa.eu)).