ISO 21586-2020 pdf download.Reference data for financial services一Specification for the description of banking products or services (BPoS).
4 Principles
4.1 General principles
The following principles are given as a guidance on using key elements in describing a BPoS.
a) A key element belongs to either the required, optional or voluntary category, so that the baseline can be established while innovation can occur.
b) Many BPoS can be described together according to an internal relation logic (a family) or irrespective of internal logic (a set).
c) The sequence of key elements should be arranged in a way to allow for easy human comparison.
d) The descriptions should use everyday, concise language.
4.2 Concrete principles
4.2.1 Types ol key elements
4.2.1.1 Required key elements
The requirements for using required key elements are:
a) If available, content shall be described.
b) “None shall be indicated if the content of the description does not exist.
c) “Not applicable’ shall be indicated if the BPoSP considers the content of the description not to be applicable.
d) “Uncertain” shall be indicated if the L3PoSP considers the content of the description to be uncertain. The words “none’“not applicabIe and “uncertain” shall be replaced with their synonyms in the language used to describe a BPoS.
4.2.1.2 Optional key elements
The description requirements of the optional key element are as follows:
a) The content shall be described only if content exists.
b) The content and its chapter heading in the description of a BPoS may be omitted in one of three
situations:
1) The BPoSP considers no content should be described.
2) The BPoSP considers the content is not applicable.
3) The BPoSP considers the content is uncertain.
c) When the content must be declared according to local regulatory requirements, the optional key element shall become a required key element in the jurisdiction.
4.2.1.3 Voluntary key elements
The voluntary key elements are described only when a BPoSP considers that some information can add clarity to a BPoS or make it more attractive for customers. For instance, a voluntary key element may be additional descriptions for special groups of suitable customers, for distinct channels of service or for specific regions of service.
The description of a BPoS may include voluntary key elements. The chapter heading in the description should be provided only when the content of the voluntary key element occurs. The chapter heading and the content of the voluntary key element shall not overlap with or contradict required or optional key elements. The BPoSP shall not utilize the voluntary key element to change the substantive meanings of required or optional key elements.
EXAMPLE The following voluntary key elements have been included in a description of a BPoS because the BPoSP considers this information to be attractive to potential customers:
a) sales progress;
b) trend of the benefits during the life of the BPoS;
c) investment manager performance on the invested BPoS;
d) comparative information of similar BPoS;
e) ways of solving unusual problems of specific BPoS.
4.2.2 Description of multiple BPoS
4.2.2.1 General rules
Multiple BPoS can be organized in two ways, a set or a family, for which the same rules apply:
a) every set or family of BPoS shall be identifiable by customers without professional knowledge;
b) one BPoSP can provide more than one set or family of BPoS;
c) one set or family of BPoS can be used by more than one BPoSP, in which case each BPoSP shall be
identified via the BPoS identifier.
4.2.2.2 Set of BPoS
A set of BPoS is an unsystematic collection of BPoS. In a given set of tWoS, any single BPoS is unique, uniquely identified and not related by default to any other BPoS unless otherwise declared.ISO 21586 pdf download.