Since 2018, investors in the EU have been provided with a basic information sheet with the most important features, such as the costs and risks of an investment, before buying a packaged investment instrument (including funds, life insurance and certificates). However, as an exception funds may use the established 'key investor information (KID)' until the end of 2021. BVI has argued strongly for this exception.
The reason is the blatant shortcomings in the PRIIPs KID, especially in the requirements concerning costs and performance. The EU clearly needs to make changes. We do not want to use the PRIIPs KID until the shortcomings have been remedied.