On February 28, the Packaged Retail and Insurance-based Investment Products (PRIIPs) (Amendment) (EU Exit) Regulations 2019 (UK Regulations) were published together with a draft explanatory memorandum.
The UK Regulations were laid before Parliament on January 9, as reported in the January 11 edition of Corporate & Financial Weekly Digest. There do not appear to be any substantive changes.
The purpose of the UK Regulations, which were made on February 27, is to ensure that the regime established under the 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 UK Regulations amend the PRIIPs Regulations 2017 and the retained versions of the PRIIPs Regulation and Commission Delegated Regulation on product intervention powers.
The UK Regulations will become effective when the United Kingdom exits the European Union on March 29.