The EU PRIIPs Regulation (Regulation (EU) No 1286/2014) introduced a standardised disclosure document (the Key Information Document “KID”) to be provided when packaged investment or PRIIPs are sold to retail investors in the EU. This statutory instrument makes amendments to the retained PRIIPs Regulation to ensure that it operates effectively once the UK has left the EU. These changes include: transferring the functions and powers of the European Commission and the European Supervisory Authorities (ESAs) to relevant UK authorities; amending the territorial scope of the retained PRIIPs Regulation so it applies to PRIIPs sold to investors in the UK only; and amending the scope of the retained PRIIPs Regulation to uphold an existing exemption for certain securities issued or guaranteed by sovereigns and certain public-sector entities, and maintaining an exemption for certain retail investment funds.
Also see EU Exit SI tracker