Regulation (EU) No 1286/2014 (“PRIIPs”) – Packaged retail and insurance based investment products (“PRIIP”)
This page focuses on the implementation of PRIIPS in Gibraltar. PRIIPS is part of the EU package on IDD which requires key information documents to be provided on certain products to clients.
PRIIP is a term used for certain financial products which may be sold to retail investors. Such products include investment funds (with exceptions, notably for UCITS at least initially), insurance-based investment products and structured term deposits.
PRIIPs defines a PRIIP manufacturer as the following:
• any entity that manufactures PRIIPs;
• any entity that makes changes to an existing PRIIP including, but not limited to, altering its risk and reward profile or the costs associated with an investment in a PRIIP.
PRIIPs has applied from the 31st December 2016. It lays down uniform rules on the format and content of the key information document to be drawn up by PRIIP manufacturers, and on the provision of the key information document to retail investors in order to enable retail investors to understand and compare the key features and risks of the PRIIP.
PRIIPs is complementary to measures on distribution in MiFID II, therefore, institutions must also familiarise themselves with PRIIPs to ensure compliance.
You can find a summary of PRIIPs by clicking on this link to European Union Law.
You can read the PRIIPS legislation by clicking on this link to European Union Law.