MiFID and PRIIPs: What can openfunds do for you?

Introduction

This white paper provides information about the Markets in Financial Instruments Directive (MiFID), Packaged Retail and Insurance-based Investment Products (PRIIPs), and how openfunds can help you comply with these regulations.

MiFID II

The MiFID II directive was introduced on the 3rd of January 2018. The main purpose of the directive is investor protection. In addition, the aim of this directive is to achieve better market efficiency. It addresses distributors of financial products, e.g. investment funds. The main topics are target market, costs and charges. For these reasons, the European MiFID Template was created. It contains relevant fields that facilitate compliance with the MiFID directive. For further information about the MiFID regulation, please refer to The MiFID II Directive 2014/65/EU. For a summary regarding target markets, please read the “Final Report – Guidelines on MiFID II product governance requirements” from the European Securities and Markets Authority (ESMA).

PRIIPs

The PRIIPs regulation was also introduced on the 3rd of January 2018. The main focus of this regulation is the creation of a new document; the PRIIPs KID. The document addresses insurance companies. The main topics of the regulation are risk and performances as well as costs and charges. To transmit the necessary data for the creation of a PRIIP KID, the European PRIIPs Template (EPT) Template was created to support the PRIIPs regulation. For more information about the PRIIPs regulation please refer to Regulation (EU) No 1286/2014 on key information documents for PRIIPs.

openfunds

The openfunds standard aims to help fund houses, fund distributors, publication platforms and service providers to comply with MiFID and PRIIPs. In version 1.24, openfunds implemented all MiFID fields from the EMT and all PRIIPs fields from the EPT templates. Further to that, openfunds introduced a MiFID translation template to allow openfunds’ users to provide MiFID II fund data in openfunds format. The file contains detailed information about the openfunds MiFID II fields and their relation to the corresponding MiFID II data points (EMT field). The same is true for PRIIPS fund data. openfunds also introduced a PRIIPs translation template. This file lists detailed information about openfunds PRIIPs fields and their relation to the corresponding PRIIPs data point (EPT / CEPT field).
With these tools, openfunds helps users to comply with both regulations in a standardised way that fits within openfunds’ broad field list. This increases the efficiency of the entire fund data dissemination process.

Document Information

Title:	MiFID and PRIIPs: What can openfunds do for you?
Language:	English
Confidentiality:	Public

Revision History

Version	Date	Status	Notice
1.0	2018-12-06	Final	First version