Impact of Brexit: Packaged retail and insurance-based investment products (PRIIPs)—quick guide
Impact of Brexit: Packaged retail and insurance-based investment products (PRIIPs)—quick guide

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Impact of Brexit: Packaged retail and insurance-based investment products (PRIIPs)—quick guide
  • UK preparations for Brexit
  • Relevant retained EU law and UK legislation
  • Key changes introduced by the PRIIPs Exit Regulations
  • Transfer of functions to relevant UK authorities
  • Territorial scope
  • UCITS exemption
  • Proposed amendments to the onshored PRIIPs regime
  • Clarification of the scope of the PRIIPs regime
  • Performance scenario/appropriate information on performance
  • More...

This Regulation (EU) 1286/2014 on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs) (PRIIPs Regulation) quick guide details current UK legislation and retained EU legislation that will be amended by the Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019, SI 2019/403 (PRIIPs Exit Regulations or SI 2019/403) (as amended by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020, SI 2020/628 and other instruments) at the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) regulatory rules and guidance.

The below summary sets out Brexit preparations and contingency plans in relation to onshoring EU rules for PRIIPs after Brexit.

UK preparations for Brexit

The PRIIPs Exit Regulations are part of HM Treasury’s programme of statutory instruments (SIs) under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) dealing with contingency preparations for a no-deal Brexit. The PRIIPs Exit Regulations form part of the process of domesticating EU law to ensure legal continuity following the UK’s exit from the EU.

EU(W)A 2018 was subsequently amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), which makes provision for the ratification and implementation in domestic law of the Withdrawal Agreement between the UK and the EU.

The Withdrawal Agreement sets out the arrangements for the UK’s withdrawal from the EU.

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