The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019

Subject matter and scope

4.—(1) In Article 1—

(a) omit “uniform”;

(b) after “PRIIP manufacturers” insert “before PRIIPs are made available to retail investors in the United Kingdom”;

(c) after “the provision of the key information document to retail investors” insert “in the United Kingdom”;

(d) for “enable retail investors” substitute “enable them”.

(2) In Article 2—

(a) for paragraph 1 substitute—

“1.   This Regulation applies to—

(a) PRIIP manufacturers in relation to PRIIPs which are, or are to be, made available to retail investors in the United Kingdom; and

(b) persons advising on, or selling, PRIIPs.”;

(b) in paragraph 2—

(i) in point (c), for “point (43) of Article 4(1) of Directive 2014/65/EU” substitute “point (23) of Article 2(1) of the markets in financial instruments regulation”;

(ii) for point (d) substitute—

“(d) non-equity securities (as defined in point (c) of Article 2(1) of Directive 2003/71/EC) issued by—

(i) the United Kingdom, any part of the United Kingdom, or a third country;

(ii) a local authority in the United Kingdom or one of the regional or local authorities of a third country;

(iii) a public international body of which the United Kingdom or a third country is a member; or

(iv) the Bank of England, the European Central Bank or the central bank of a third country;

(da) shares in the capital of the Bank of England or of a central bank of a third country;

(db) securities (as defined in point (a) of Article 2(1) of Directive 2003/71/EC) unconditionally and irrevocably guaranteed by—

(i) the United Kingdom, any part of the United Kingdom, or a third country; or

(ii) a local authority in the United Kingdom or one of the regional or local authorities of a third country;

(dc) securities (as defined in point (a) of Article 2(1) of Directive 2003/71/EC) issued by associations with legal status or non-profit-making bodies recognised by the United Kingdom, any part of the United Kingdom, or a third country with a view to their obtaining the means necessary to achieve their non-profit-making objectives;

(dd) non-equity securities (as defined in point (c) of Article 2(1) of Directive 2003/71/EC) issued in a continuous or repeated manner (as defined in point (l) of Article 2(1) of that Directive) by credit institutions (as defined in point (g) of Article 2(1) of that Directive) provided that these securities—

(i) are not subordinated, convertible or exchangeable;

(ii) do not give a right to subscribe to or acquire other types of securities and are not linked to a derivative instrument;

(iii) materialise reception of repayable deposits;

(iv) are covered by the compensation scheme within the meaning of section 213(2) of FSMA or by a similar scheme in a third country;

(de) securities as referred to in points (g), (i) and (j) of Article 1(2) of Directive 2003/71/EC;”;

(iii) in point (e), for “national law” substitute “the law of the United Kingdom, any part of the United Kingdom, or a third country”;

(iv) in point (f), at the end insert “or as defined in section 1(1) of the Pension Schemes Act 1993(1)”;

(v) in point (g), for “national law” substitute “the law of the United Kingdom, any part of the United Kingdom, or a third country”.

(3) For Article 3 substitute—

“Article 3

1.   Where PRIIP manufacturers subject to this Regulation are also subject to the provisions of FSMA and any rules or regulations made under FSMA which were relied on immediately before exit day to implement Directive 2003/71/EC, both this Regulation and those provisions apply.

2.   Where PRIIP manufacturers subject to this Regulation are also subject to the provisions of FSMA and any rules or regulations made under FSMA which were relied on immediately before exit day to implement Directive 2009/138/EC, both this Regulation and those provisions apply.”.

(1)

1993 c. 48.