On October 24, 2019, the European Supervisory Authorities ("ESAs"), consisting of the European Securities and Markets Authority, the European Banking Authority, and the European Insurance and Occupational Pensions Authority, issued a joint statement on the circumstances under which the Packaged Retail and Insurance-based Investment Products ("PRIIPs") Regulation applies to bonds.

A few days earlier, on October 16, 2019, the ESAs published a new Consultation Paper on Regulatory Technical Standards for PRIIPs and are now accepting comments until January 13, 2020.

In parallel, the European Commission will undertake a full-scale review of the PRIIPs Regulation, and the outcome of the review is expected to be published by December 31, 2019, after being pushed back a year.