Draft PRIIPs Regulations 2019 Published
On January 9, a draft of the Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (Draft Regulations 2019) was published together with a draft explanatory memorandum.
The purpose of the Draft Regulations 2019 is to ensure that the regime established under EU Regulation on Key Information Documents for PRIIPs (PRIIPs Regulation) continues to operate effectively after the United Kingdom’s withdrawal from the European Union (Brexit).
The Draft Regulations 2019 amend the Packaged Retail and Insurance-based Investment Products Regulations 2017 and the retained version of the PRIIPs Regulation and Commission Delegated Regulation and Commission Delegated Regulation on product intervention powers.
The Draft Regulations 2019 will go into effect when the United Kingdom exits the European Union on March 29.