PART 2Amendment of the Packaged Retail and Insurance-based Investment Products Regulations 2017
Amendment of the Packaged Retail and Insurance-based Investment Products Regulations 2017
2.—(1) The Packaged Retail and Insurance-based Investment Products Regulations 2017(1) are amended as follows.
(2) Omit regulation 3 (designation of competent authority).
(3) In regulation 6 (administrative penalties and statements), in paragraph (1)(a), for paragraph (i) substitute—
“(i)the PRIIPs regulation,
(ia)any EU regulation, originally made under the PRIIPs regulation, which is retained direct EU legislation,
(ib)any subordinate legislation (within the meaning of the Interpretation Act 1978) made under the PRIIPs regulation on or after exit day,”.
(4) In Schedule 1 (application and modification of the Financial Services and Markets Act 2000 and secondary legislation), in paragraph 3 (statements of policy), in sub-paragraph (b)(ii), for the inserted paragraph (d) substitute—
“(d)the gravity and the duration of the infringement;
(e)the degree of responsibility of the person responsible for the infringement;
(f)the impact of the infringement on retail investors’ interests;
(g)the cooperative behaviour of the person responsible for the infringement;
(h)any previous infringements by the person responsible for the infringement;
(i)measures taken after the infringement by the person responsible for the infringement to prevent its repetition.”.