There has been published on the legislation.gov.uk website, The Packaged Retail and Insurance-based Investment Products Regulations 2017 (the Regulations).
The Regulations implement in part certain provisions of the Regulation on key information documents for packaged retail and insurance-based investment products (the PRIIPs Regulation). The Regulations:
- designate the FCA as the competent authority for the purposes of the PRIIPs Regulation (Regulation 3);
- implement Article 24(2)(a), (b) and (d) of the PRIIPs Regulation by providing the FCA with power to prohibit or suspend the marketing of a PRIIP, to prohibit the provision of a key information document (KID) or to require the publication of a new version of a KID where certain requirements of the PRIIPs Regulation have been infringed (Regulations 4 and 5). The Regulations also set out the procedure to be followed (Regulation 9);
- gives the FCA the power to impose penalties and make a statement in relation to a contravention of the PRIIPs Regulation (Regulation 6);
- implements Article 24(4) of the PRIIPs Regulation regarding the notification of the retail investors concerned where an Article 24(2) penalty or measure has been imposed (Regulation 7);
- implements Article 26 of the PRIIPs Regulation by providing a right to refer FCA decisions under the Regulations to the Upper Tribunal (Regulation 8); and
- makes consequential amendments to primary and secondary legislation (Schedule 2). This includes amendments to the Financial Services and Markets Act 2000.
The Regulations come into force on 1 January 2018.
View The Packaged Retail and Insurance-based Investment Products Regulations 2017, 5 December 2017
