UK FINANCIAL CONDUCT AUTHORITY CALLS FOR INPUT ON PRIIPS -

On July 26, 2018, the Financial Conduct Authority (FCA) of the United Kingdom issued a Call for Input in relation to the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation and the related PRIIPs Regulatory Technical Standards (RTS) which took effect in January 2018.

The PRIIPs legislation requires the production of a standardized key information document (KID) whenever a product within the scope of the PRIIPs legislation is being sold or recommended to retail investors in the European Economic Area (EEA), irrespective of where the manufacturer or distributor of the in-scope product is located or regulated. Therefore, this Call for Input will be of interest to, among others, all manufacturers of PRIIPs and those who advise on or distribute PRIIPs within the EEA. The FCA considers that this will include issuers of securities that are classed as PRIIPs, life insurance companies, discretionary investment management firms, firms providing services in relation to insurance-based investments, fund managers, wealth managers, brokers and other firms that provide advice to retail clients, financial advisers, and firms operating retail distribution platforms.