Two years after its introduction, it is clear that the actual format of the PRIIPs KID is far from perfect. A review of the PRIIPs Delegated Regulation was launched in October 2019 and the consultation paper received a warm welcome by the industry. After some diplomatic arm-wrestling, the European Supervisory Authorities (ESAs) finally published their report in February 2021.

Our previous white paper ("The 2021 Steeplechase") gave a broad overview of what is at stake. As the number of changes are significant, we decided to focus in this white paper on the revised calculation methodology for performance scenarios and we’ll address some other changes in subsequent white papers. We will point out some minor glitches in the new methodology and also to the fact that the (closely related) calculation of the summary risk indicator (‘SRI’) score has not been changed.