PRIIPS Regulation: Corporate bonds do not need a key information document

The European Supervisory Authorities (ESAs) are consulting on the PRIIPS Regulation, which requires issuers of packaged investment instruments such as endowment policies or certificates to provide a key information document (KID) for retail investors. In the past, it was unclear whether certain clauses in corporate bonds (e.g. "make-whole") require a key information document. We call for clarification on these clauses in our response. These should not lead to corporate bonds being covered by the scope of the PRIIPS Regulation.