Proposal for a standard for PRIIPs KIDs repositories.
OpenKID is an open standard aimed to simplify the sharing of information between counterparties (manufacturers and distributors) involved in the dissemination of PRIIPs KIDs.
The context is the following: with the new regulation EU No 1286/2014 manufacturers and distributors will responsible for the generation and the delivery to retail investors of pre-contractual Key Investment Documents (the KIDs) for any Packaged Retail Investment and Insurance-Based investment product (the PRIIP). The new KIDs will also contain sections dependent on market conditions and for such reason PRIIPs must be monitored and eventually KIDs will be updated in order to reflect new market conditions. Distributors may distribute products from several manufacturers and they must be able to provide investors the latest versions of any KID document.
From the point of view of the distributor, it may become complex and expensive having to manage several distribution technologies, for this reason there will be the opportunity for some market data players to provide KID distribution and providing services. On the other hand, if manufacturers and distributors would agree on a standard about the representation of KIDs repository which any manufacturer could implement, even if a distributor will be required to access several repositories (one for each manufacturer), any the repository will share the same structure. This will provide several advantages.