Packaged product meaning

In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Operational resilience Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Packaged Retail and Insurance-based Investment Products (PRIIPs) Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Investment funds and asset management UK MiFID II EU MiFID II Payment services and systems Fintech and cryptoassets Regulation of AI in FS LexTalk®Financial Services: a Lexis®Nexis community Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Latest Q&As No Weekly Highlights on 24 April 2025 UK, EU and international regulators and bodies FCA announces first international presence in US and Asia-Pacific regions The Financial Conduct Authority (FCA) has unveiled its...

In this issue UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Consumer protection Investigations, enforcement and discipline Regulation of benchmarks and IBOR reform Packaged Retail and Insurance-based Investment Products (PRIIPs) Dispute resolution for financial services lawyers Sustainable finance and ESG Banks and mutuals Investment funds and asset management Regulation of insurance Fintech and cryptoassets Consumer credit, mortgage and home finance Amendments to EEA Agreement Annex IX (Financial Services) Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies The FCA has released policy statement PS24/5 confirming the final regulatory fees and levy rates for 2024/25, together with its feedback on CP24/6. Firms can determine their own charges using the FCA’s online fees calculator, with billing to commence...

In this issue: UK, EU and international regulators and bodies Permissions, approvals and oversight Prudential rules Operational robustness Financial misconduct and sanctions Complaints, redress and claims handling Investigations, enforcement and disciplinary action Capital markets regulation Packaged Retail and Insurance-based Investment Products (PRIIPs) Derivatives regulation Sustainable finance and ESG Banks and mutuals Investment funds and asset management EU MiFID II Insurance regulation Payment services and systems Fintech and cryptoassets Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and refreshed content Key dates for your diary UK, EU and international regulators and bodies Amendments to EEA Agreement Annex IX (Financial Services) published in Official Journal Twelve decisions of the European Economic Area (EEA) Joint Committee revising Annex IX (Financial Services) to the Agreement on the European Economic Area (the EEA Agreement) have appeared in the EU’s Official Journal....

The UK PRIIPs Regulation, UK implementation and Brexit The purpose of this Practice Note is to set out an overview of the UK Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation (Assimilated Regulation (EU) 1286/2014), which is being superseded by a UK retail investor disclosure regime for Consumer Composite Investments (CCIs). Central to the PRIIPs framework is the obligation on product manufacturers to prepare a standardised, pre-investment Key Information Document (KID) for each PRIIP, enabling retail investors to compare products and decide whether a PRIIP suits their needs. The approach is not novel, drawing largely from the undertakings for collective investment in transferable securities (UCITS) Key Investor Information Document (KIID). For further detail on the EU PRIIPs Regulation and associated level 2 measures—covering scope, principal requirements, and the prescribed form and content of the KID—see Practice Note: EU Packaged Retail and Insurance-based Investment Products (PRIIPs) and the EU Retail Investment Strategy—essentials—The EU Retail Investment Strategy. The UK PRIIPs Regulation (Assimilated Regulation (EU) 1286/2014) remains in force in the UK...

The PRIIPs Regulation and level 2 measures This Practice Note sets out an overview of the Packaged Retail and Insurance-based Investment Products (PRIIPs) regime in Regulation (EU) 1286/2014 and the related Level 2 measures. A key element is the duty on product manufacturers to prepare a standard, pre-sale Key Information Document (KID) for PRIIPs, allowing retail investors to compare products and decide whether a PRIIP is suitable for them. The approach draws heavily on the undertakings for collective investment in transferable securities (UCITS) Key Investor Information Document (KIID). Regulation (EU) 1286/2014 was published in the Official Journal of the European Union on 9 December 2014 and has applied since 1 January 2018, with a UCITS exemption running until 31 December 2022. This carve-out also covers non-UCITS retail funds that produce a UCITS KIID (Article 32(2) of Regulation (EU) 1286/2014). The extended exemption—which was initially due to end on 31 December 2021—is addressed in Article 32(1) of the PRIIPs Regulation, as amended by Article 1 of Regulation (EU) 2021/2259....

This Practice Note outlines the requirements for insurance-based investment products (IBIPs) under Directive (EU) 2016/97, the Insurance Distribution Directive (IDD), which superseded the Insurance Mediation Directive (2002/92/EC) (IMD) effective 1 October 2018. It concentrates on the rules applying to IBIPs on conflicts of interest, information provided to customers, and suitability and appropriateness, including those found in Commission Delegated Regulation (EU) 2017/2359 (IDD IBIPs Regulation), which supplements the IDD. For more on the IDD framework, refer to Practice Notes: EU Insurance Distribution Directive (IDD)—essentials EU Insurance Distribution Directive (IDD)—organisational and conduct of business requirements EU Insurance Distribution Directive (IDD)—scope, registration, passporting and sanctions EU Insurance Distribution Directive (IDD)—Insurance Product Information Document requirements What are insurance-based investment products? Under the IDD, an IBIP is defined as ‘an insurance product which offers a maturity or surrender value, where that maturity or surrender value is wholly or partially, directly or indirectly exposed to market fluctuations’. The definition mirrors the one in Regulation (EU) 1286/2014...