Today the FCA published consultation paper CP16/18: Changes to disclosure rules in the FCA Handbook to reflect the direct application of the PRIIPs Regulation.
On 31 December 2016 the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation takes effect in the European Union (EU). The PRIIPs Regulation will require firms to prepare, publish and provide a Key Information Document (KID) for each PRIIP manufactured. In order to prepare for the direct application of the PRIIPs Regulation, the FCA expects all affected firms to plan for changes to their retail disclosure documents and related processes.
In this CP, the FCA details its approach and proposals to amend affected disclosure provisions in the FCA Handbook so they reflect the PRIIPs Regulation, in particular so they do not duplicate or conflict with the requirement to produce a KID.
This paper will affect most firms that provide investments or investment services to the UK retail market, including investment fund managers. This paper may be of interest to consumer organisations and retail consumers of investments or investment services.
Deadline for comments is 19 September 2016.
The FCA statement and the consultation paper are available here.