On December 5, the Packaged Retail and Insurance-based Investment Products Regulations 2017 (Regulations) were published on legislation.gov.uk website, the UK Statute Law Database, together with an explanatory memorandum (Explanatory Memorandum).
The Regulations implement, in part, certain provisions of the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation. They will go into effect on January 1, 2018. Thereafter, Her Majesty’s Treasury will have to review the operation and effect of the Regulations and publish a report by January 1, 2023, and within every five years thereafter.
Among other things, the Regulations:
- Designate the FCA as the competent authority for the purposes of the PRIIPs Regulation; and
- Provide the FCA with the power to prohibit or suspend the marketing of a PRIIP, prohibit the provision of a key information document (KID), or require the publication of a new version of a KID where certain requirements of the PRIIPs Regulation have been infringed.