AIC has responded to the Commission consultation on Packaged Retail Investment Products (PRIPs). It supports the Commission’s aim, but says any legislation must take into account the diversity of PRIPs and the routes consumers use to buy them. Investment companies will be alternative investment funds for the purposes of EU regulation but are traditionally retail products and the UK authorities intend to allow them to continue to be marketed to retail investors. Although investment companies need to produce a lot of information already, the AIC supports the proposal that PRIPs should prepare a Key Investor Information Document (KIID), but says the KIID must be suitable for the product in question. The other main comment in the response is that the execution-only distribution mechanism for investment company shares should not be affected by the PRIPs proposals. (Source: Legislative steps for the Packaged Retail Investment Products initiative: submission by The Association of Investment Companies)