Question ID: 2603
Regulation Reference: (EU) No 1286/2014 - PRIIPs Regulation
Topic: Key information document (KID)
Article: 7(1)(1)
Status: Rejected
Date of submission: 16 Mar 2023
Question
The current regulation is requesting KID document to be written in the official language of the country where investment product is being offered. Is there a way for customer to overcome this rule by proving in any way that he is able to understand KID language?
Background of the question
I am living in Czech Republic and investing into ETF which has KID written in English. The broker i was using for many years is refusing now to let me invest into product saying that ETF provider does not offer KID in Czech language
EIOPA answer
The question has been rejected because the issue it deals with is already addressed in the PRIIPs Regulation.
Article 7 of the PRIIPs Regulation states that:
The key information document shall be written in the official languages, or in one of the official languages, used in the part of the Member State where the PRIIP is distributed, or in another language accepted by the competent authorities of that Member State, or where it has been written in a different language, it shall be translated into one of these languages.
Therefore, it is for individual Member States to decide whether it is acceptable for the KID to be provided in a language other than the official language of that Member State and under what conditions (e.g. demonstration of language competence).