FinDatEx consults on EPT V2 – what are the key changes?
With the publication of the updated European PRIIPs Template (EPT) for consultation, FinDatEx are now in the final stages of revising their European PRIIPs template (EPT) used extensively throughout the industry.
EPT 2.0 is now under public consultation until 22 November 2021.
What is EPT?
FinDatEx (Financial Data Exchange Templates) is a joint structure established by representatives of the European Financial services sector industry with the view to coordinate, organise and carry out standardisation work to facilitate the exchange of data between stakeholders in application of European Financial markets legislation, such as MiFID II, PRIIPs and Solvency 2.
The EPT template is designed by FinDatEx to assist with the obligations arising from the PRIIPs regulation. The document is a functional description of the minimum set of data to be exchanged from asset managers and banks to insurers to help them fulfil their PRIIPs regulatory obligations.
The template is produced by the Fund Company and is distributed to any party wrapping the funds or creating an unit-linked product. The receiving party can then use the information in the EPT template to create a PRIIPs KID for the product sold.
What are the key changes in EPT 2.0?
EPT 2.0 contains a number of changes which reflects the provisions as required by the PRIIPs Regulation (EU) No 1286/2014 and revised PRIIPs Delegated Regulation (regulatory technical standards, RTS).
The main changes to the EPT include additional fields in the following sections:
PRIIPs Data Set Information
00001_EPT_Version: This field specifies the output version of the template and is used by the recipient to understand the number of fields expected, their labeling and order.
00002_EPT_Producer_Name: If the manufacturer have chosen to outsource the production of an EPT posting to another party responsible for the production and publication of the EPT data set, such party name should be entered in this field.
00003_EPT_Producer_LEI: If the manufacturer have chosen to outsource the production of an EPT posting to another party responsible for the production and publication of the EMT data set, such party LEI should be entered in this field.
00004_EPT_Producer_Email: Contact entry point for distributors regarding EPT
00005_File_Generation_Date_And_Time: Date and Time of the creation of the EPT file
00006_EPT_Data_Reporting_Narratives: Specifies if the Narratives section is filled in the current EPT posting.
00007_EPT_Data_Reporting_Costs: Specifies if the Costs section is filled in the current EPT posting.
00008_EPT_Data_Reporting_Additional_Requirements_German_MOPs: Specifies if the section “Additional information required for German MOPs” is filled in the current EPT posting.
00009_EPT_Additional_Information_Structured_Products_RIY: Specifies if the section “Additional information required for structured PRIIPs” is filled in the current EPT.
General portfolio information
00015_Portfolio_Manufacturer_Group_Name: Name of the group PRIIPs manufacturer belongs to
00016_Portfolio_Manufacturer_LEI: Legal Entity Identifier, LEI of the manufacturer of the portfolio
00017_Portfolio_Manufacturer_Email: Contact entry point for communication with the manufacturer to either provide feed back reporting or to retrieve details on how to provide feed back reporting.
00110_Is_An_Autocallable_Product: Indication of whether the product is an auto callable
00120_Reference_Language: Language in which the linked website with past performance, the historical performance (02190_Past_Performance_Link and 02200_Previous_Performance_Scenarios_Calculation_Link) and all narratives/texts of this set of data are written
01095_IS_SRI_Adjusted: Whether or not the manufacturer increased the SRI
01125_Has_A_Contractual_Maturity_Date: Indicates the existence of a contractual maturity date of the portfolio
Performance scenarios (without entry cost with exit cost)
02035_Autocall_Date_Unfavorable_Scenario: End date of the product, call date or maturity corresponding to the unfavourable scenario of autocallables
02065_Autocall_Date_Moderate_Scenario: End date of the product, call date or maturity corresponding to the moderate scenario of autocallables
02125_Autocall_Date_Stress_Ccenario: End date of the product, call date or maturity corresponding to the stress scenario of autocallables
02190_Past_Performance_Link: Link to the past performance of the fund
02200_Previous_Performance_Scenarios_Calculation_Link: Link to the previous calculations
02210_Past_Performance_Number_Of_Years: Number of years for which past performance is presented
02220_Invested_Amount_Other_Currency: Invested amount if the currency of the PRIIP is not EUR as shown in the performance scenarios
Narratives - mandatory section for underlying options offered in German or Italian MOPs
04086_Description_Past_Interval_Unfavorable_Scenario: Describes the historical time period the unfavourable scenario corresponds to
04087_Description_Past_Interval_Moderate_Scenario: Describes the historical time period the moderate scenario corresponds to
04089_Description_Past_Interval_Favorable_Scenario: Describes the historical time period the favourable scenario corresponds to
04120_One_Off_Cost_Portfolio_Entry_Cost_Description: Description of the entry cost, not more than 300 characters.
04130_One_Off_Cost_Portfolio_Exit_Cost_Description: Description of exit cost, not more than 300 characters.
04140_Ongoing_Costs_Portfolio_Management_Costs_Description: Description of the ongoing cost, not more than 150 characters.
04150_Do_Costs_Depend_On_Invested_Amount: Indicates whether the costs depend on the invested amount.
04160_Cost_Depenance_Explanation: Describes the dependence of costs on the invested amount, not more than 300 characters.
Additional information required for German MOPs: Specific data for German CAT IV PRIIPs Specific data for underlying options within German Category 4 MOPs
06005_German_MOPs_Reference_Date: Date to which the specific data for underlying options within German MOPs of category 4 refer.
Additional information required for structured PRIIPs: RIY Costs
07005_First_Possible_Call_Date: date of the first possible call for auto callable products
What are the next steps?
With the consultation of EPT 2.0 closing on 22nd November 2021, the technical working group will review the input received and update the template as appropriate. It is unclear at this stage what will be the implementation date of EPT 2.0, but it is expected that at minimum firms will required to deliver the data by end 2022 to coincide with the implementation date for the revised RTS.
How can Funds-Axis help?
The Funds-Axis Fund Document Production Module can help you implement EPT 2.0 and automate the PRIIPs KIDs process.
The Funds-Axis Fund Document Production Module provides:
- A full end to end document production solution for PRIIPs KID and EPTs.
- Comprehensive Statistics Module – automated calculation of all required risk, performance and cost calculations, including transaction costs.
- Creation of country and language versions.
- Full dissemination capabilities.
- Managed or SAAS solution available.
- Full API – Our API which provides full access to all your data, calculations, statistics and charts.
Contact us today to learn how we can automate fund document production through direct connectivity to your source data, file transfer and batch data uploads.