SCANNING 6

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What’s next? The new requirements will be applicable two years after entry into force of the Regulation and a review will be carried out after four years to take into ac- count market developments. Miscellaneous - ESAs issue discussion paper concerning EU Regulation on Key Information Documents (KIDs) for Packaged Retail and Insurance-based Investment Products (PRIIPs) Background The PRIIPs Regulation was introduced to improve the quality and comparability of information provid- ed to retail investors in the European Union (EU) on often complex investment products. On 24 October 2014, the European Council issued the final text of the EU Regulation on Key Information Documents (KIDs) for Packaged Retail and Insurance-based Investment Products (PRIIPs) and formally adopted this text on 10 November 2014. It will be published in the Official Journal and come into force 20 days after the publishing date. The provisions of the Regulation will become effective two years after it comes into force. The European Supervisory Authorities (“ESAs” – ESMA, EBA and EIOPA) were mandated under the PRIIPS Regulation to produce the level 2 implement- ing Regulatory Technical Standards (“RTS”) with re- spect to specific areas of the KID. The ESAs have now issued a discussion paper to gather the views and feedback of stakeholders in preparation of the draft RTS (the discussion paper"). What’s in there? The Discussion Paper focuses on the different sec- tions of the KID that need to be covered in the RTS, as well as some other pertinent issues. The RTS will contain detailed rules on the content and presentation of the Key Information Documents

LUXEMBOURG Tax Administration to continue with its tax ruling practice Background Following the so-called "Lux Leaks" episode, it was rumored in the press that the Luxembourg Tax Au- thorities (LTA) had suspended its tax ruling practice until further notice. What’s in there? In a newsletter issued on 19 November 2014, the authorities of Luxembourg clearly stated that Lux- embourg will continue with its tax ruling practice. Meetings with taxpayers and their representatives, as well as the submission of advanced tax agree- ments (ATAs), will proceed on a regular and unin- terrupted basis. In its statement, the LTA highlighted that general discussions which do not have a concrete subject will not be accepted. What’s next? As of 1 January 2015, a tax rulings Commission will be established. The Commission will endeavour to further develop the ruling process with the objective of providing taxpayers with a more uniform inter- pretation of the tax laws and to ensure legal certain- ty in the national and international economic affairs.

(KIDs), including calculation methodologies and presentation templates necessary for a summa- ry risk indicator, performance scenarios, and cost disclosures. Both the content and presentational approaches presented for discussion in the paper relate to the following topics:

Chapter 2: Risk; Chapter 3 Return; Chapter 4: Costs;

« Chapter 5: Other sections;

« Chapter 6: Derogation for KID longer than 2 pages; « Chapter 7: Review, revision and republication of the KID; « Chapter 8: Timing of delivery to retail investor;

« Chapter 9: Template of the KID. What’s next?

The ESAs welcome comments on this Discussion Paper on Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs). The feedback received from stakeholders on the Discussion Paper will be used in preparing the draft RTS. A consultation on the draft RTS, set- ting out the ESAs conclusions, will follow in the au- tumn of 2015.