Quick Look Brexit Financial Services Legislation Status Guide—PRIIPs
Quick Look Brexit Financial Services Legislation Status Guide—PRIIPs

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

  • Quick Look Brexit Financial Services Legislation Status Guide—PRIIPs
  • Onshored PRIIPs regime—from 1 January 2021
  • Proposed amendments to the onshored PRIIPs regime

This Quick Look Brexit Financial Services Legislation Status Guide provides high-level information on the status of Regulation (EU) 1286/2014 on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs) (PRIIPs Regulation) under UK law from 1 January 2021. For more detailed information, see Practice Note: Impact of Brexit: Packaged retail and insurance-based investment products (PRIIPs)—quick guide and Packaged Retail and Insurance-based Investment Products (PRIIPs)—essentials.

During the implementation period beginning on 31 January 2020 and ending on 31 December 2020 (IP completion day), the PRIIPs Regulation is directly applicable in the UK in accordance with the European Union (Withdrawal) Act 2018 (EU(W)A 2018), as amended by the European Union (Withdrawal Agreement) Act 2020, and the Withdrawal Agreement between the UK and the EU.

Subject to the terms of any trade deal agreed between the UK and the EU, with effect from 1 January 2021:

  1. the PRIIPs Regulation and the PRIIPs Regulation level 2 measures, as modified by statutory instruments (SIs) issued as part of the onshoring process under EU(W)A 2018, will form part of EU direct retained law and accordingly will apply in the UK—see Onshored PRIIPs regime—from 1 January 2021 and Retained Regulation (EU) 1286/2014 (UK PRIIPs Regulation), and

  2. HMT has proposed amendments to the onshored PRIIPs regime so it diverges from the EU position, as summarised below—see Proposed amendments to the onshored

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