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Veneziano & Partners Limited, in a joint venture with InReg Sàrl, has officially launched VIPeR Fund Solutions offering a new service for the submission of PRIIPs KID with Consob, the Italian Regulator.
Combining decades of expertise in the investment funds industry, VIPeR Fund Solutions brings to the market efficient and state-of-the-art solutions for investor disclosures, regulatory reporting and distribution in Europe of investment funds.
Italy is amongst a minority of European domiciles to have introduced the ex-ante notification requirement for KIDs of PRIIPs marketed in Italy. With resolution n. 21640 of December 2020, Consob, the Italian regulator, introduced a new process for the ex-ante notification of KIDs for PRIIPs offered in Italy. Consob is also amongst the first authorities in Europe to have also introduced the requirement to provide the PRIIPs KID in XML format.
“The new procedure for submitting KIDs of PRIIPs marketed in Italy to Consob will likely catch many product manufacturers off guard,” said Attilio Veneziano from Veneziano & Partners. “It will have implications on the marketing and offering of PRIIPs in Italy. Few know about the new process and are getting ready for compliance at this stage. There are so many other initiatives at the European level to consider but the new procedure for the PRIIPs KID Consob filing will kick in January 2022. We find that there is an incredible opportunity to assist a significant portion of the market, made of medium to small PRIIPs manufacturers, which would otherwise have to develop their own internal solution to be able to comply with the new requirement or have their marketing halted.”
“The creation of the PRIIPs KID in XML format entails a degree of technicality and tools sometimes beyond the ability of both PRIIPs manufacturers and distributors,” adds Jean Louis Catrysse from InReg. “Whilst KID factories might consider developing a solution, most of them are not necessarily geared to support clients with their European cross-border distribution needs beyond translations. They may come too late to the game. At the same time, Italian law firms might not have the necessary technical tools to help with the submission and decide not to offer the service.“
The VIPeR solution for the Consob PRIIPs KID submission draws on a deep understanding of the PRIIPs regulation and knowledge of the Italian implementation of the regulation.
