The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) issued on 10/5/2022 a joint supervisory statement regarding the ‘What is this product?’ section of the key information document (KID) for packaged retail and insurance-based investment products (PRIIPs). The expectations put forward in the supervisory statement aim at improving the quality of descriptions provided by PRIIPs manufacturers and thereby contribute to better protection of retail investors. The relevant announcement was published on EIOPA's website.