Key Information Document (KID)

What is a PRIIPs KID?

The Packaged Retail and Insurance-based Investment Products (PRIIPs) regulation is a regulation from the European Parliament that is effective from January 2018. The regulation requires every products manufacturer and distributor to provide retail investors with a Key Information Document (KID) in order to strengthen investor protection and improve the investment decision and selection process.

Key Information Documents (KIDs) are documents designed to help investors to understand investment products' behaviour and support comparison with other similar investment products. The KIDs issued or manufactured by Nordea Bank Abp in Finland are available below for FX and Interest Rate Derivatives. The KIDs for structured products and warrants and certificates can be found on the relevant page for each product. 


The PRIIPs regulation has many similarities and overlaps with MiFID II but the big difference is that PRIIPs is specifically intended for retail investors (i.e. customers classified as non-professional customers under MiFID II). Furthermore, the regulation merely covers so called PRIIP-products. 

A PRIIP is defined as an investment where the amount repayable to a retail investor is subject to fluctuations because of exposure to reference values or to the performance of one or more assets that are not directly purchased by the retail investor. Some of the following investment or risk mitigating products are included in the scope:

  • Structured products
  • Exchange traded products
  • Derivatives
  • UCITS (delayed until 31 December 2019)
  • Retail AIFs 
  • Insurance-based investment products 

Under the regulation, manufacturers/issuers are obliged to produce a Key Information Document (KID) for each product in scope. The KID is a 3-page document which must be provided in the local language of the investor and be published on the company website prior to product being offered to retail investors. Any distributor or financial intermediary, who sells or provides advice about PRIIPs to a retail investor or receives a buy order on a PRIIP from a retail investor, must provide the investor with a KID.