Packaged Retail and Insurance-based Investment Products (PRIIPs)—essentials

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

  • Packaged Retail and Insurance-based Investment Products (PRIIPs)—essentials
  • The PRIIPs Regulation, level 2 measures and UK implementation
  • Level 2 Measures
  • UK implementation
  • Scope of the PRIIPs regulation
  • Meaning of ‘PRIIPs’
  • PRIIP manufacturer (or advising on or selling PRIIPs)
  • Meaning of 'retail investors'
  • Obligations under the PRIIPs Regulation
  • What is the main obligation and who is responsible for accuracy?
  • More...

Packaged Retail and Insurance-based Investment Products (PRIIPs)—essentials

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

The PRIIPs Regulation, level 2 measures and UK implementation

The PRIIPs Regulation (Regulation (EU) 1286/2014) was published in the Official Journal of the European Union (OJ) on 9 December 2014 and applied from 1 January 2018, although there is an exemption for undertakings for collective investment in transferable securities (UCITS) until 31 December 2021. This exemption also applies to those non-UCITS retail funds (NURS) which prepare a UCITS Key Investor Information Document (KIID) (Article 32(2) of the PRIIPs Regulation). For further information about the early stages of the PRIIPs initiative, see Background to the European Commission's proposals and the PRIIPs Regulation below. For recent developments relating to the PRIIPs Regulation and Level 2 measures, see Recent developments below and Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation—timeline.

At the heart of the PRIIPs Regulation is a requirement for a KID to be produced by product manufacturers and provided

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