The Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation establishes a standardised framework for providing retail investors with clear and comparable information about investment products.
A central requirement of the PRIIPs framework is the preparation and provision of a Key Information Document (KID). The KID is designed to give retail investors concise information about the nature, risks, costs and potential performance of a product before they make an investment decision. Under Regulation (EU) No 1286/2014, the KID constitutes pre-contractual information and must be accurate, fair, clear and not misleading.
For investment firms and other professionals involved in manufacturing, advising on or distributing PRIIPs, understanding how KIDs should be developed, reviewed and presented is therefore an important element of regulatory compliance.
In this blog post, Evdokia Pitsillidou, Global Chief Risk and Compliance Officer at SALVUS Funds, introduces the key themes covered in the online course “Learn the PRIIPs Regulation & Key Information Document (KID) in 2026.” The course provides professionals with an understanding of the PRIIPs regulatory framework, the requirements applicable to KIDs and practical examples on their preparation.
The PRIIPs Regulation and the Role of the KID
Regulation (EU) No 1286/2014 establishes uniform rules concerning the format and content of KIDs prepared by PRIIP manufacturers and their provision to retail investors.
The objective is to enable retail investors to better understand and compare the key characteristics and risks of different PRIIPs. Before a PRIIP is made available to retail investors, the manufacturer is required to prepare a KID for the product and publish it on its website.
The KID is intended to operate as a concise, stand-alone source of information rather than as marketing material. The Regulation requires it to be written in a clear and comprehensible manner and, when printed, to be limited to a maximum of three sides of A4-sized paper.
For firms offering PRIIPs to retail investors, this makes the KID an important part of both investor protection and regulatory compliance.
What Information Does a KID Provide?
A KID is designed to provide retail investors with the key information necessary to understand the product before investing.
Depending on the product, this includes information relating to areas such as:
- the product and the identity of its manufacturer
- the type of retail investor for whom the product is intended
- the nature and principal features of the product
- the product's risks and potential returns
- the possibility of losing invested capital
- the costs associated with the investment
- the recommended holding period and circumstances for withdrawing from the investment
- what happens if the PRIIP manufacturer is unable to pay out, including relevant compensation or guarantee arrangements where applicable
- how investors can submit a complaint
The standardised approach is intended to make it easier for retail investors to understand and compare different PRIIPs when considering an investment decision.
Preparing a Clear and Compliant KID
Preparing a KID involves more than simply inserting information into a prescribed document.
The information presented must be accurate, fair, clear and not misleading, while remaining sufficiently concise and understandable for retail investors. The KID should also be consistent with the relevant contractual and product documentation and clearly separate from marketing materials.
The practical importance of these requirements has also been highlighted by the Cyprus Securities and Exchange Commission (CySEC).
Through Circular C312, CySEC published findings from a thematic review of KIDs prepared by a sample of 24 Cyprus Investment Firms. Although all firms reviewed had prepared and published KIDs, CySEC identified weaknesses concerning their format, language and content.
Among the areas identified by CySEC were shortcomings relating to readability and conciseness, language and translation, the presentation of performance information and costs, complaints information, and references to other relevant documentation. CySEC instructed CIFs to consider the findings against their own policies and arrangements relating to KID disclosure and publication.
Understanding these practical supervisory observations can therefore assist professionals when developing or reviewing their own KID arrangements.
What is the “Learn the PRIIPs Regulation & Key Information Document (KID) in 2026” course and what does it include?
Delivered by
Evdokia Pitsillidou, Global Chief Risk & Compliance Officer at
SALVUS Funds through the IforPE platform, the “
Learn the PRIIPs Regulation & Key Information Document (KID) in 2026” course has been developed to provide professionals with an in-depth understanding of the PRIIPs regulatory framework and the requirements surrounding KIDs.
The course combines regulatory knowledge with practical guidance, helping learners understand their obligations in relation to PRIIPs and develop the skills required to prepare or review KIDs for applicable products.
Particular attention is also given to practical examples and compliance considerations arising from CySEC Circular C312, enabling professionals to consider regulatory requirements alongside supervisory observations identified by CySEC.
The course focuses on the following areas:
- The Lamfalussy process, the EU Commission & ESMA
- Lamfalussy process
- Level 1 & Framework Acts
- Level 2 & Delegated Acts
- Level 2 & Implementing Acts
- Level 3 & ESMA Guidelines
-
Level 4 & Supervision of the member states by ESMA
- EU Legal Framework - Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulatory Framework and Updates
- PRIIPs – Definitions
- PRIIPs – Scope of application
- PRIIPs – Manufacturer
- Products exempt from the PRIIPs Regulation
- Competent Authorities & Infringements
- Understanding the requirements of a Key Information Document (KID)
- Key Information Document (KID)
- Client Assessment
- Target Market Identification
- Construct a Key Information Document (KID)
- Thematic review – CySEC Circular C312
- CySEC Circular C312 – Thematic review on the Key Information
- Documents (KIDs)
- KID Format
- KID Language
- KID Content
- Practical Example on how to prepare a Key Information Document (KID)
- Purpose of the KID
- Distributor of the Product
- What is the product?
- What are the risks and what could I get in return?
- What happens if the Company is unable to pay out?
- What are the Costs?
- How long should I hold it, and can I take money out early?
- Other relevant information
- How can I complain?
The course is delivered through online video recordings and downloadable PDF study material, allowing professionals to learn whenever and wherever it suits them best. Participants can progress at their own pace, revisit topics as needed and reinforce their knowledge through accessible and structured learning resources.
Upon successful completion, participants receive a certificate awarding 5 CPD hours, recognised by CySEC, the Central Bank of Cyprus, and other professional supervisory bodies. The course contributes towards the annual CPD requirements of CySEC Advanced and Basic Certification holders, as well as professionals registered with ICPAC and the Cyprus Bar Association. 
