In addition to the challenges of MiFID II, asset managers must also prepare for a new key information document regime for retail products. The Regulation on key information documents for packaged retail and insurance-based investment products (Regulation 1286/2014) (more widely known as “PRIIPs”, and referred to here as the “Regulation”) has been labeled “arguably the most extensive and complex joint work stream that has been tackled by the European Supervisory Authorities (ESAs)”.