CHAPTER II

KEY INFORMATION DOCUMENT
SECTION III

Provision of the key information document
Article 13
1
A person advising on, or selling, a PRIIP shall provide retail investors with the key information document in good time before those retail investors are bound by any contract or offer relating to that PRIIP.
2
A person advising on, or selling, a PRIIP may satisfy the requirements of paragraph 1 by providing the key information document to a person with written authority to make investment decisions on behalf of the retail investor in respect of transactions concluded under that written authority.
3
By way of derogation from paragraph 1 and subject to the provisions of FSMA and any rules or regulations made under FSMA which were relied on immediately before IP completion day to implement Article 3(1), point (a) of Article 3(3) and Article 6 of Directive 2002/65/EC, a person selling a PRIIP may provide the retail investor with the key information document after conclusion of the transaction, without undue delay, where all of the following conditions are met:
a
the retail investor chooses, on his own initiative, to contact the person selling a PRIIP and conclude the transaction using a means of distance communication;
b
provision of the key information document in accordance with paragraph 1 of this Article is not possible;
c
the person advising on or selling the PRIIP has informed the retail investor that provision of the key information document is not possible and has clearly stated that the retail investor may delay the transaction in order to receive and read the key information document before concluding the transaction;
d
the retail investor consents to receiving the key information document without undue delay after conclusion of the transaction, rather than delaying the transaction in order to receive the document in advance.
4
Where successive transactions regarding the same PRIIP are carried out on behalf of a retail investor in accordance with instructions given by that retail investor to the person selling the PRIIP prior to the first transaction, the obligation to provide a key information document under paragraph 1 shall apply only to the first transaction, and to the first transaction after the key information document has been revised in accordance with Article 10.
5
In order to ensure consistent application of this Article, the FCA may make technical standards in accordance with Chapter 2A of Part 9A of FSMA specifying the conditions for fulfilling the requirement to provide the key information document as laid down in paragraph 1.
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Article 14
1
The person advising on, or selling, a PRIIP shall provide the key information document to retail investors free of charge.
2
The person advising on, or selling, a PRIIP shall provide the key information document to the retail investor in one of the following media:
a
on paper, which should be the default option where the PRIIP is offered on a face-to-face basis, unless the retail investor requests otherwise;
b
using a durable medium other than paper, where the conditions laid down in paragraph 4 are met; or
c
by means of a website where the conditions laid down in paragraph 5 are met.
3
Where the key information document is provided using a durable medium other than paper or by means of a website, a paper copy shall be provided to retail investors upon request and free of charge. Retail investors shall be informed about their right to request a paper copy free of charge.
4
The key information document may be provided using a durable medium other than paper if the following conditions are met:
a
the use of the durable medium is appropriate in the context of the business conducted between the person advising on, or selling, a PRIIP and the retail investor; and
b
the retail investor has been given the choice between information on paper and in the durable medium, and has chosen that other medium in a way that can be evidenced.
5
The key information document may be provided by the means of a website that does not meet the definition of a durable medium if all of the following conditions are met:
a
the provision of the key information document by means of a website is appropriate in the context of the business conducted between the person advising on, or selling, a PRIIP and the retail investor;
b
the retail investor has been given the choice between information provided on paper and by means of a website and has chosen the latter in a way that can be evidenced;
c
the retail investor has been notified electronically, or in written form, of the address of the website, and the place on the website where the key information document can be accessed;
d
the key information document remains accessible on the website, capable of being downloaded and stored in a durable medium, for such period of time as the retail investor may need to consult it.
Where the key information document has been revised in accordance with Article 10, previous versions shall also be provided on request of the retail investor.
6
For the purposes of paragraphs 4 and 5, the provision of information using a durable medium other than paper or by means of a website shall be regarded as appropriate in the context of the business conducted between the person advising on or selling a PRIIP and the retail investor if there is evidence that the retail investor has regular access to the internet. The provision by the retail investor of an email address for the purposes of that business shall be regarded as such evidence.
Words in Art. 13(3) inserted (31.12.2020) by The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 8(a) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 26(d)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Words in Art. 13(5) substituted (31.12.2020) by The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 8(b)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Words in Art. 13(5) omitted (31.12.2020) by virtue of The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 8(b)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)