Chapter 4: PRIIPs KID Disclosure

Wealth Management — WIA-FIN-WEALTH-001

EU PRIIPs Regulation 1286/2014 Key Information Document (KID), Summary Risk Indicator (SRI) per RTS Annex II, performance scenarios (favourable/moderate/unfavourable/stress), Reduction in Yield (RIY) cost disclosure.

This chapter elaborates on the PRIIPs KID Disclosure portion of Wealth Management (WIA-FIN-WEALTH-001). The wealth management canonical envelope shape, API surface, and protocol exchanges are designed to interoperate across implementations published under the WIA Standards family. Each Phase file in `spec/` documents one architectural layer (envelopes, REST surface, federation, ecosystem) and the present chapter focuses on the priips kid disclosure subset of that layering.

Implementations of priips kid disclosure need to reconcile the per-standard expectations of ISO 20022 (Financial messaging), ISO 22222 (Personal financial planning), EU MiFID II Directive 2014/65/EU + MiFIR Reg 600/2014, EU PRIIPs Reg 1286/2014 + Delegated Reg 2017/653, EU Sustainable Finance Disclosure Reg 2019/2088 (SFDR). The Phase 1 envelope class for Wealth Management carries the per-host identifier and per-tenant identifier so that audit records can be reconstructed across hosts that federate through the Phase 3 protocol layer.

Operators stepping into priips kid disclosure typically follow this trajectory: stand up the reference simulator at `simulator/index.html`, walk the canonical envelope per the CLI helper at `cli/wealth-management.sh envelope`, then exercise the Phase 2 endpoints with curl/Postman against a host running the reference container at `wia/wealth-management-host:1.0.0`. Once those steps complete, integrators wire the real backend one endpoint at a time per the Phase 1 §A.* envelope catalogue and the Phase 2 §B.* endpoint catalogue.

A common operational concern in the priips kid disclosure space is observability. Every Phase 1 envelope SHOULD emit a structured log line at the host's audit transport with: timestamp per RFC 3339, host identifier, tenant identifier, envelope class, envelope identifier, operation outcome, and a W3C Trace Context `traceparent` propagated end-to-end. Phase 2 surfaces this trace identifier as the `X-WIA-Trace-Id` response header. Phase 3 protocol exchanges propagate the trace identifier inside the exchange envelope so that a federation crossing remains correlatable end-to-end.

The priips kid disclosure portion of the standard composes with: WIA-OMNI-API for credential storage, WIA-AIR-SHIELD for runtime trust list, WIA-INTENT for workload intent declaration, and WIA Secure Enclave for sealed-data envelopes where personal data is processed. The composition lets one host running multiple WIA family standards reuse one identity, one signing-key chain, and one audit transport rather than maintaining N parallel per-standard implementations.

Normative references touched in this chapter

Implementation worksheet

  1. Read the corresponding Phase file in spec/ (Phase 1 for envelopes, Phase 2 for API, Phase 3 for protocol, Phase 4 for ecosystem).
  2. Walk the CLI helper: ./cli/wealth-management.sh envelope emits a sample Phase 1 envelope.
  3. Exercise the simulator at simulator/index.html.
  4. Cross-reference the standards listed above to align with the operator's per-jurisdiction obligations.
  5. Wire the conformance suite at https://github.com/WIA-Official/wia-wealth-management-conformance.

Cross-standard composition recap

This chapter, like every other Phase 1-4 chapter in the Wealth Management eBook, composes with the wider WIA Standards family. Implementations that adopt the canonical envelope reuse the cross-standard audit transport (W3C Trace Context plus OpenTelemetry semantic conventions), the cross-standard identity (WIA-OMNI-API), and the cross-standard runtime trust list (WIA-AIR-SHIELD) without per-standard re-implementation. The federation handshake described in Phase 3 §3 follows the same challenge-response pattern as the rest of the WIA Standards family so that one operator can federate across multiple standards using one signing-key chain and one audit transport.