The FCA has published Consultation Paper 16/18: Changes to disclosure rules in the FCA Handbook to reflect the direct application of PRIIPs Regulation (CP16/18).
On 31 December 2016, the Packaged Retail and Insurance-based Investment Products Regulation takes effect in the EU. This Regulation will require firms to prepare, publish and provide a Key Information Document (KID) for each PRIIP manufactured. The Regulation and the related regulatory technical standards set out the form and content of the KID. In making this legislation, the European Commission’s aim is to help retail investors compare in-scope products and make informed decisions, and to facilitate the single market for PRIIPs.
As the provisions of the PRIIPs Regulation are directly applicable, the FCA will not transpose them into its Handbook, but will refer to them. In order to comply with EU law, and to avoid duplication about the disclosure requirements in the FCA Handbook that apply to firms, CP16/18 sets out proposals to delete, amend or dis-apply certain Handbook rules which apply requirements that are either superseded by the PRIIPs Regulation or incompatible with it. The FCA also proposes to signpost how its disclosure rules apply in addition to the requirements in the PRIIPs Regulation.
The consultation deadline is 19 September 2016.
The changes are proposed to take effect on 31 December 2016..
View FCA consults on disclosure rules changes to reflect PRIIPS Regulation, 18 July 2016