
CHAPTER I
Article 1 
This Regulation lays down ... rules on the format and content of the key information document to be drawn up by PRIIP manufacturers before PRIIPs are made available to retail investors in the United Kingdom and on the provision of the key information document to retail investors in the United Kingdom in order to enable them to understand and compare the key features and risks of the PRIIP.
Article 2 

1. This Regulation applies to—
(a) PRIIP manufacturers in relation to PRIIPs which are, or are to be, made available to retail investors in the United Kingdom; and
(b) persons advising on, or selling, PRIIPs.
2. This Regulation shall not apply to the following products:
(a) non-life insurance products as listed in Annex I to Directive 2009/138/EC;
(b) life insurance contracts where the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or infirmity;
(c) deposits other than structured deposits as defined in point (23) of Article 2(1) of the markets in financial instruments regulation;
(d) non-equity securities (as defined in point (c) of Article 2(1) of Directive 2003/71/EC) issued by—
(i) the United Kingdom, any part of the United Kingdom, or a third country;
(ii) a local authority in the United Kingdom or one of the regional or local authorities of a third country;
(iii) a public international body of which the United Kingdom or a third country is a member; or
(iv) the Bank of England, the European Central Bank or the central bank of a third country;
(da) shares in the capital of the Bank of England or of a central bank of a third country;
(db) securities (as defined in point (a) of Article 2(1) of Directive 2003/71/EC) unconditionally and irrevocably guaranteed by—
(i) the United Kingdom, any part of the United Kingdom, or a third country; or
(ii) a local authority in the United Kingdom or one of the regional or local authorities of a third country;
(dc) securities (as defined in point (a) of Article 2(1) of Directive 2003/71/EC) issued by associations with legal status or non-profit-making bodies recognised by the United Kingdom, any part of the United Kingdom, or a third country with a view to their obtaining the means necessary to achieve their non-profit-making objectives;
(dd) non-equity securities (as defined in point (c) of Article 2(1) of Directive 2003/71/EC) issued in a continuous or repeated manner (as defined in point (l) of Article 2(1) of that Directive) by credit institutions (as defined in point (g) of Article 2(1) of that Directive) provided that these securities—
(i) are not subordinated, convertible or exchangeable;
(ii) do not give a right to subscribe to or acquire other types of securities and are not linked to a derivative instrument;
(iii) materialise reception of repayable deposits;
(iv) are covered by the compensation scheme within the meaning of section 213(2) of FSMA or by a similar scheme in a third country;
(de) securities as referred to in points (g), (i) and (j) of Article 1(2) of Directive 2003/71/EC;
(e) pension products which, under the law of the United Kingdom, any part of the United Kingdom, or a third country, are recognised as having the primary purpose of providing the investor with an income in retirement and which entitle the investor to certain benefits;
(f) officially recognised occupational pension schemes within the scope of Directive 2003/41/EC of the European Parliament and of the Council or Directive 2009/138/EC or as defined in section 1(1) of the Pension Schemes Act 1993;
(g) individual pension products for which a financial contribution from the employer is required by the law of the United Kingdom, any part of the United Kingdom, or a third country and where the employer or the employee has no choice as to the pension product or provider.
(h) shares in a closed-ended investment company that is UK-listed.
(3.) For the purposes of paragraph 2(h)—
(a) “closed-ended investment company” means a company that meets conditions A to D;
(b) a closed-ended investment company is “UK-listed” if all of the company’s ordinary shares (of each class if there is more than one) are admitted to trading on a UK regulated market or a UK multilateral trading facility.
(4.) Condition A is that all, or substantially all, of the business of the company is investing its funds in shares, land or other assets with the aim of spreading investment risk and giving members of the company the benefit of the results of the management of its funds.
(5.) Condition B is that the company raises funds by offering, on one or more occasions, a fixed number of shares to the public.
(6.) Condition C is that the company’s shareholders are not entitled to have their shares in the company redeemed or repurchased out of funds provided by the company.
(7.) Condition D is that the company is not a venture capital trust within the meaning of section 259(1) of the Income Tax Act 2007.
(8.) In paragraph 3, “UK regulated market” and “UK multilateral trading facility” have the meanings given in point (13A) and (14A) respectively of Article 2 of the markets in financial instruments regulation (definitions).
Article 3 

1. Where PRIIP manufacturers subject to this Regulation are also subject to the provisions of FSMA and any rules or regulations made under FSMA which were relied on immediately before IP completion day to implement Directive 2003/71/EC, both this Regulation and those provisions apply.
2. Where PRIIP manufacturers subject to this Regulation are also subject to the provisions of FSMA and any rules or regulations made under FSMA which were relied on immediately before IP completion day to implement Directive 2009/138/EC, both this Regulation and those provisions apply.
Article 4 
For the purposes of this Regulation, the following definitions apply:

((1)) ‘packaged retail investment product’ or ‘PRIP’ means an investment, including instruments issued by special purpose vehicles as defined in point (26) of Article 13 of Directive 2009/138/EC or securitisation special purpose entities as defined in point (an) of Article 4(1) of the Directive 2011/61/EU of the European Parliament and of the Council, where, regardless of the legal form of the investment, the amount repayable to the retail investor is subject to fluctuations because of exposure to reference values or to the performance of one or more assets which are not directly purchased by the retail investor;
((2)) ‘insurance-based investment product’ means an insurance product which offers a maturity or surrender value and where that maturity or surrender value is wholly or partially exposed, directly or indirectly, to market fluctuations;
((3)) ‘packaged retail and insurance-based investment product’ or ‘PRIIP’ means a product that is one or both of the following:

((a)) a PRIP;
((b)) an insurance-based investment product;
((4)) ‘packaged retail and insurance-based investment product manufacturer’ or ‘PRIIP manufacturer’ means:

((a)) any entity that manufactures PRIIPs;
((b)) any entity that makes changes to an existing PRIIP including, but not limited to, altering its risk and reward profile or the costs associated with an investment in a PRIIP;
((5)) ‘selling a PRIIP’ means—
(a) offering a PRIIP contract to a retail investor in the United Kingdom; or
(b) concluding a PRIIP contract with a retail investor in the United Kingdom;
((5A)) ‘advising on a PRIIP’ means advising a retail investor in the United Kingdom on a PRIIP;
((6)) ‘retail investor’ means:

((a)) a client (as defined in point (7) of Article 2(1) of the markets in financial instruments regulation) who is not a professional client; 
((b)) a customer, where that customer would not qualify as a professional client;
((6A)) ‘customer’ means a customer within the meaning of the provisions of FSMA and any rules or regulations made under FSMA which were relied on immediately before  IP completion day  to implement Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution ;
((6B)) ‘professional client’ means a professional client as defined in point (8) of Article 2(1) of the markets in financial instruments regulation;
((7)) ‘durable medium’ means a durable medium as defined in point (m) of Article 2(1) of Directive 2009/65/EC;
((8)) ‘FCA’ means the Financial Conduct Authority;
((9)) ‘third country’ means a country or territory outside the United Kingdom;
((10)) ‘FSMA’ means the Financial Services and Markets Act 2000;
((11)) ‘the markets in financial instruments regulation’ means Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012;
((12)) In this Regulation, a reference to a provision of rules made under FSMA is a reference to that provision as it has effect on  IP completion day.
Article 4A 

(1.) The FCA may make rules specifying whether or not a product, or category of product, falls within the definition of a PRIIP for the purposes of this Regulation.
(2.) The provisions of Part 9A of FSMA listed in paragraph 3 apply to rules made under this Article as they apply to rules made by the FCA under that Act, subject to the modifications in that paragraph (if any).
(3.) The provisions are—
(a) section 137T (general supplementary powers), as if—
(i) the reference in paragraph (a) to authorised persons were a reference to persons, and
(ii) paragraph (b) were omitted;
(b) section 138F (notification of rules), as if subsection (2) were omitted;
(c) section 138G (rule-making instruments);
(d) section 138I (consultation by the FCA), as if—
(i) subsection (1)(a) (and the  “and” after it) were omitted,
(ii) in subsection (1)(b),  “after doing so,” were omitted,
(iii) in subsection (2), paragraphs (c) and (d) were omitted, and
(iv) subsections (5)(b) and (10) were omitted;
(e) section 138L (consultation: general exemptions), as if—
(i) in subsection (1), for  “Sections 138I(1)(b) and (2) to (5) and 138K do” there were substituted “
                                  Section 138I(1)(b) and (2) to (5) does
                                ”,
(ii) subsections (2) and (4)(b) were omitted,
(iii) in subsection (5)(a),  “or 138J(2)(a)” were omitted, and
(iv) in subsection (5)(b),  “or 138J(5)(a)” were omitted;
(f) section 141A (power to make consequential amendments of references to rules etc).
CHAPTER II
SECTION I
Article 5 

1. Before a PRIIP is made available to retail investors in the United Kingdom, the PRIIP manufacturer shall draw up for that product a key information document in accordance with the requirements of this Regulation and shall publish the document on its website.
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SECTION II
Article 6 

1. The key information document shall constitute pre-contractual information. It shall be accurate, fair, clear and not misleading. It shall provide key information and shall be consistent with any binding contractual documents, with the relevant parts of the offer documents and with the terms and conditions of the PRIIP.
2. The key information document shall be a stand-alone document, clearly separate from marketing materials. It shall not contain cross-references to marketing material. It may contain cross-references to other documents including a prospectus where applicable, and only where the cross-reference is related to the information required to be included in the key information document by this Regulation.
3. By way of derogation from paragraph 2, where a PRIIP offers the retail investor a range of options for investments, such that all information required in Article 8(3) with regard to each underlying investment option cannot be provided within a single, concise stand-alone document, the key information document shall provide at least a generic description of the underlying investment options and state where and how more detailed pre-contractual information documentation relating to the investment products backing the underlying investment options can be found.
4. The key information document shall be drawn up as a short document written in a concise manner and of a maximum of three sides of A4-sized paper when printed, which promotes comparability. It shall:
(a) be presented and laid out in a way that is easy to read, using characters of readable size;
(b) focus on the key information that retail investors need;
(c) be clearly expressed and written in language and a style that communicate in a way that facilitates the understanding of the information, in particular, in language that is clear, succinct and comprehensible.
5. Where colours are used in the key information document, they shall not diminish the comprehensibility of the information if the key information document is printed or photocopied in black and white.
6. Where the corporate branding or logo of the PRIIP manufacturer or the group to which it belongs is used in the key information document, it shall not distract the retail investor from the information contained in the document or obscure the text.
Article 7 

1. The key information document must be written in English, or where it has been written in a different language, it must be translated into English.The translation shall faithfully and accurately reflect the content of the original key information document.
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Article 8 

1. The title ‘Key Information Document’ shall appear prominently at the top of the first page of the key information document.The key information document shall be presented in the sequence laid down in paragraphs 2 and 3.
2. An explanatory statement shall appear directly underneath the title of the key information document. It shall read:'This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.'.
3. The key information document shall contain the following information:
(a) at the beginning of the document, the name of the PRIIP, the identity and contact details of the PRIIP manufacturer, ... and the date of the document;
(b) where applicable, a comprehension alert which shall read: ‘You are about to purchase a product that is not simple and may be difficult to understand.’;
(c) under a section titled ‘What is this product?’, the nature and main features of the PRIIP, including:
((i)) the type of the PRIIP;
((ii)) its objectives and the means for achieving them, in particular whether the objectives are achieved by means of direct or indirect exposure to the underlying investment assets, including a description of the underlying instruments or reference values, including a specification of the markets the PRIIP invests in, including, where applicable, specific environmental or social objectives targeted by the product, as well as how the return is determined;
((iii)) a description of the type of retail investor to whom the PRIIP is intended to be marketed, in particular in terms of the ability to bear investment loss and the investment horizon;
((iv)) where the PRIIP offers insurance benefits, details of those insurance benefits, including the circumstances that would trigger them;
((v)) the term of the PRIIP, if known;
(d) under a section titled ‘What are the risks and what could I get in return?’, a brief description of the risk-reward profile comprising the following elements:
((i)) a summary risk indicator, supplemented by a narrative explanation of that indicator, its main limitations and a narrative explanation of the risks which are materially relevant to the PRIIP and which are not adequately captured by the summary risk indicator;
((ii)) the possible maximum loss of invested capital, including, information on:

— whether the retail investor can lose all invested capital, or
— whether the retail investor bears the risk of incurring additional financial commitments or obligations, including contingent liabilities in addition to the capital invested in the PRIIP, and
— where applicable, whether the PRIIP includes capital protection against market risk, and the details of its cover and limitations, in particular with respect to the timing of when it applies;
((iii)) appropriate  information on performance;
((iv)) where applicable, information on conditions for returns to retail investors or built-in performance caps;
((v)) a statement that the tax legislation of the United Kingdom may have an impact on the actual payout;
(e) under a section titled ‘What happens if [the name of the PRIIP manufacturer] is unable to pay out?’, a brief description of whether the related loss is covered by an investor compensation or guarantee scheme and if so, which scheme it is, the name of the guarantor and which risks are covered by the scheme and which are not;
(f) under a section titled ‘What are the costs?’, the costs associated with an investment in the PRIIP, comprising both direct and indirect costs to be borne by the retail investor, including one-off and recurring costs, presented by means of summary indicators of these costs and, to ensure comparability, total aggregate costs expressed in monetary and percentage terms, to show the compound effects of the total costs on the investment.The key information document shall include a clear indication that advisors, distributors or any other person advising on, or selling, the PRIIP will provide information detailing any cost of distribution that is not already included in the costs specified above, so as to enable the retail investor to understand the cumulative effect that these aggregate costs have on the return of the investment;
(g) under a section titled ‘How long should I hold it and can I take money out early?’
((i)) where applicable, whether there is a cooling off period or cancellation period for the PRIIP;
((ii)) an indication of the recommended and, where applicable, required minimum holding period;
((iii)) the ability to make, and the conditions for, any disinvestments before maturity, including all applicable fees and penalties, having regard to the risk and reward profile of the PRIIP and the market evolution it targets;
((iv)) information about the potential consequences of cashing in before the end of the term or recommended holding period, such as the loss of capital protection or additional contingent fees;
(h) under a section titled ‘How can I complain?’, information about how and to whom a retail investor can make a complaint about the product or the conduct of the PRIIP manufacturer or a person advising on, or selling, the product;
(i) under a section titled ‘Other relevant information’, a brief indication of any additional information documents to be provided to the retail investor at the pre-contractual and/or the post-contractual stage, excluding any marketing material.
4. The Treasury may by Regulations specify the details of the procedures used to establish whether a PRIIP targets specific environmental or social objectives.
5. In order to ensure consistent application of this Article, the FCA may make technical standards in accordance with Chapter 2A of Part 9A of FSMA (“technical standards”) specifying:
(a) the details of the presentation and the content of each of the elements of information referred to in paragraph 3;
(b) the methodology underpinning the presentation of risk and reward as referred to in points (d) (i) and (iii) of paragraph 3; and
(c) the methodology for the calculation of costs, including the specification of summary indicators, as referred to in point (f) of paragraph 3.When making technical standards, the FCA must take into account the various types of PRIIPs, the differences between them and the capabilities of retail investors as well as the features of the PRIIPs so as to allow the retail investor to select between different underlying investments or other options provided for by the product, including where this selection can be undertaken at different points in time, or changed in the future.......
Article 9 
Marketing communications that contain specific information relating to the PRIIP shall not include any statement that contradicts the information contained in the key information document or diminishes the significance of the key information document. Marketing communications shall indicate that a key information document is available and supply information on how and from where to obtain it, including the PRIIP manufacturer's website.
Article 10 

1. The PRIIP manufacturer shall review the information contained in the key information document regularly and shall revise the document where the review indicates that changes need to be made. The revised version shall be made available promptly.
2. In order to ensure consistent application of this Article, the FCA may make technical standards in accordance with Chapter 2A of Part 9A of FSMA specifying:
(a) the conditions for reviewing the information contained in the key information document;
(b) the conditions under which the key information document must be revised;
(c) the specific conditions under which information contained in the key information document must be reviewed or the key information document revised where a PRIIP is made available to retail investors in a non-continuous manner;
(d) the circumstances in which retail investors are to be informed about a revised key information document for a PRIIP purchased by them, as well as the means by which the retail investors are to be informed.......
Article 11 

1. The PRIIP manufacturer shall not incur civil liability solely on the basis of the key information document, including any translation thereof, unless it is misleading, inaccurate or inconsistent with the relevant parts of legally binding pre-contractual and contractual documents or with the requirements laid down in Article 8.
2. A retail investor who demonstrates loss resulting from reliance on a key information document under the circumstances referred to in paragraph 1, when making an investment into the PRIIP for which that key information document was produced, may claim damages from the PRIIP manufacturer for that loss in accordance with the law of the United Kingdom or any part of the United Kingdom.
3. Elements such as ‘loss’ or ‘damages’ as referred to in paragraph 2 of this Article which are not defined shall be interpreted and applied in accordance with the applicable national law as determined by the relevant rules of private international law.
4. This Article does not exclude further civil liability claims in accordance with the law of the United Kingdom or any part of the United Kingdom.
5. The obligations under this Article shall not be limited or waived by contractual clauses.
Article 12 
Where the key information document concerns an insurance contract, the insurance undertakings' obligations under this Regulation are only towards the policyholder of the insurance contract and not towards the beneficiary of the insurance contract.
SECTION III
Article 13 

1. A person advising on, or selling, a PRIIP shall provide retail investors with the key information document in good time before those retail investors are bound by any contract or offer relating to that PRIIP.
2. A person advising on, or selling, a PRIIP may satisfy the requirements of paragraph 1 by providing the key information document to a person with written authority to make investment decisions on behalf of the retail investor in respect of transactions concluded under that written authority.
3. By way of derogation from paragraph 1 and subject to the provisions of FSMA and any rules or regulations made under FSMA which were relied on immediately before IP completion day to implement Article 3(1), point (a) of Article 3(3) and Article 6 of Directive 2002/65/EC, a person selling a PRIIP may provide the retail investor with the key information document after conclusion of the transaction, without undue delay, where all of the following conditions are met:
(a) the retail investor chooses, on his own initiative, to contact the person selling a PRIIP and conclude the transaction using a means of distance communication;
(b) provision of the key information document in accordance with paragraph 1 of this Article is not possible;
(c) the person advising on or selling the PRIIP has informed the retail investor that provision of the key information document is not possible and has clearly stated that the retail investor may delay the transaction in order to receive and read the key information document before concluding the transaction;
(d) the retail investor consents to receiving the key information document without undue delay after conclusion of the transaction, rather than delaying the transaction in order to receive the document in advance.
4. Where successive transactions regarding the same PRIIP are carried out on behalf of a retail investor in accordance with instructions given by that retail investor to the person selling the PRIIP prior to the first transaction, the obligation to provide a key information document under paragraph 1 shall apply only to the first transaction, and to the first transaction after the key information document has been revised in accordance with Article 10.
5. In order to ensure consistent application of this Article, the FCA may make technical standards in accordance with Chapter 2A of Part 9A of FSMA specifying the conditions for fulfilling the requirement to provide the key information document as laid down in paragraph 1.......
Article 14 

1. The person advising on, or selling, a PRIIP shall provide the key information document to retail investors free of charge.
2. The person advising on, or selling, a PRIIP shall provide the key information document to the retail investor in one of the following media:
(a) on paper, which should be the default option where the PRIIP is offered on a face-to-face basis, unless the retail investor requests otherwise;
(b) using a durable medium other than paper, where the conditions laid down in paragraph 4 are met; or
(c) by means of a website where the conditions laid down in paragraph 5 are met.
3. Where the key information document is provided using a durable medium other than paper or by means of a website, a paper copy shall be provided to retail investors upon request and free of charge. Retail investors shall be informed about their right to request a paper copy free of charge.
4. The key information document may be provided using a durable medium other than paper if the following conditions are met:
(a) the use of the durable medium is appropriate in the context of the business conducted between the person advising on, or selling, a PRIIP and the retail investor; and
(b) the retail investor has been given the choice between information on paper and in the durable medium, and has chosen that other medium in a way that can be evidenced.
5. The key information document may be provided by the means of a website that does not meet the definition of a durable medium if all of the following conditions are met:
(a) the provision of the key information document by means of a website is appropriate in the context of the business conducted between the person advising on, or selling, a PRIIP and the retail investor;
(b) the retail investor has been given the choice between information provided on paper and by means of a website and has chosen the latter in a way that can be evidenced;
(c) the retail investor has been notified electronically, or in written form, of the address of the website, and the place on the website where the key information document can be accessed;
(d) the key information document remains accessible on the website, capable of being downloaded and stored in a durable medium, for such period of time as the retail investor may need to consult it.Where the key information document has been revised in accordance with Article 10, previous versions shall also be provided on request of the retail investor.
6. For the purposes of paragraphs 4 and 5, the provision of information using a durable medium other than paper or by means of a website shall be regarded as appropriate in the context of the business conducted between the person advising on or selling a PRIIP and the retail investor if there is evidence that the retail investor has regular access to the internet. The provision by the retail investor of an email address for the purposes of that business shall be regarded as such evidence.
CHAPTER III
Article 15 

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2. The FCA shall monitor the market for insurance-based investment products which are marketed, distributed or sold in or from the United Kingdom.
Article 16 
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Article 17 

1. The FCA may prohibit or restrict the following in or from the United Kingdom:
(a) the marketing, distribution or sale of insurance-based investment products or insurance-based investment products with certain specified features; or
(b) a type of financial activity or practice of an insurance or reinsurance undertaking.
2. The FCA may take the action referred to in paragraph 1 if it is satisfied on reasonable grounds that:
(a) an insurance-based investment product, or activity or practice gives rise to significant investor protection concerns or poses a threat to the orderly functioning and integrity of financial markets or the stability of whole or part of the financial system within the United Kingdom;
(b) existing regulatory requirements under the law of the United Kingdom, or any part of the United Kingdom, applicable to the insurance-based investment product, or activity or practice do not sufficiently address the risks referred to in point (a) and the issue would not be better addressed by improved supervision or enforcement of existing requirements;
(c) the action is proportionate taking into account the nature of the risks identified, the level of sophistication of investors or market participants concerned and the likely effect of the action on investors and market participants who may hold, use or benefit from the insurance-based investment product, or activity or practice;
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(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Where the conditions set out in the first subparagraph are fulfilled, the FCA may impose the prohibition or restriction referred to in paragraph 1 on a precautionary basis before an insurance-based investment product has been marketed or sold to investors. A prohibition or restriction may apply in circumstances, or be subject to exceptions, specified by the FCA.
3. The FCA must not impose a prohibition or restriction under this Article unless, at least one month before the measure is intended to take effect, the FCA has published details of its decision to impose the measure on its website in accordance with paragraph 5.
4. In exceptional cases where the FCA deems it necessary to take urgent action under this Article in order to prevent detriment arising from the insurance-based investment products, activities or practices referred to in paragraph 1, the FCA may take action on a provisional basis ..., provided that all the criteria in this Article are met and that, in addition, it is clearly established that delaying the action for one month would not adequately address the specific concern or threat. The FCA shall not take action on a provisional basis for a period exceeding three months.
5. The FCA shall publish on its website notice of any decision to impose any prohibition or restriction referred to in paragraph 1. That notice shall specify details of the prohibition or restriction, a time after the publication of the notice from which the measures will take effect and the evidence upon which it is satisfied each of the conditions in paragraph 2 are met. The prohibition or restriction shall only apply in relation to action taken after the publication of the notice.
6. The FCA shall revoke a prohibition or restriction if the conditions in paragraph 2 no longer apply.
7. The Treasury may by Regulations specify criteria and factors to be taken into account by the FCA in determining when there is a significant investor protection concern or a threat to the orderly functioning and integrity of financial markets or to the stability of the financial system within the United Kingdom.Those criteria and factors may include:
(a) the degree of complexity of an insurance-based investment product and the relation to the type of investor to whom it is marketed and sold;
(b) the degree of innovation of an insurance-based investment product, an activity or a practice;
(c) the leverage a product or practice provides;
(d) in relation to the orderly functioning and integrity of financial markets, the size or the notional value of an insurance-based investment product.
Article 18 
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CHAPTER IV
Article 19 
The PRIIP manufacturer and the person advising on, or selling, the PRIIP shall establish appropriate procedures and arrangements which ensure that:

((a)) retail investors have an effective way of submitting a complaint against the PRIIP manufacturer;
((b)) retail investors who have submitted a complaint in relation to the key information document receive a substantive reply in a timely and proper manner; and
((c)) effective redress procedures are also available to retail investors in the event of cross-border disputes, in particular where the PRIIP manufacturer is located ... in a third country.
Article 20 
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Article 21 
Nothing in this Regulation is to be taken as authorising a disclosure of personal data in contravention of Regulation (EU) No 2016/679 of the European Parliament and of the Council on the protection of natural persons with regard to the processing of personal data and on the free movement of such data or of the Data Protection Act 2018.
CHAPTER V
Article 22 
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Article 23 
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Article 24 
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Article 25 
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Article 26 
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Article 27 
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Article 28 
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Article 29 

1. A decision, against which there is no appeal, imposing an administrative sanction or measure for infringements of Articles 5(1), 6, 7, 8(1), (2) or (3), 9, 10(1), 13(1), (3) or (4), 14 or 19 shall be published by the FCA on its official website without undue delay after the person on whom the sanction or measure was imposed has been informed of that decision.The publication shall include at least the following information:
(a) the type and nature of the infringement;
(b) the identity of the persons responsible.That obligation does not apply to decisions imposing measures that are of an investigatory nature.Where the publication of the identity of the legal entities, or identity or personal data of natural persons, is considered by the FCA to be disproportionate following a case-by-case assessment conducted on the proportionality of the publication of such data, or where such publication would jeopardise the stability of financial markets or an ongoing investigation, the FCA must:
(a) delay the publication of the decision to impose a sanction or a measure until the moment where the reasons for non-publication cease to exist;
(b) publish the decision to impose a sanction or a measure on an anonymous basis in a manner which complies with the law of the United Kingdom or any part of the United Kingdom, if such anonymous publication ensures an effective protection of the personal data concerned; or
(c) not publish the decision to impose a sanction or measure in the event that the options laid down in points (a) and (b) are considered to be insufficient to ensure:
((i)) that the stability of financial markets would not be put in jeopardy;
((ii)) the proportionality of the publication of such decisions with regard to measures which are deemed to be of a minor nature.
2. ...In the case of a decision to publish a sanction or measure on an anonymous basis the publication of the relevant data may be postponed for a reasonable period of time if it is envisaged that within that period the reasons for anonymous publication will cease to exist.
3. Where the law of the United Kingdom or any part of the United Kingdom provides for the publication of the decision to impose a sanction or measure which is subject to an appeal before the relevant judicial or other authorities, the FCA shall publish on the FCA's official website, without undue delay, such information and any subsequent information on the outcome of such appeal. Moreover, any decision annulling a previous decision to impose a sanction or a measure which has been published shall also be published.
4. The FCA shall ensure that any publication, in accordance with this Article, shall remain on the FCA's official website for a period of at least five years after its publication. Personal data contained in the publication shall be kept on the FCA's official website only for the period which is necessary in accordance with the applicable data protection rules.
CHAPTER VI
Article 30 

1. Any power to make regulations conferred on the Treasury by this Regulation is exercisable by statutory instrument.
2. Such regulations may—
(a) contain incidental, supplemental, consequential and transitional provision; and
(b) make different provision for different purposes.
3. A statutory instrument containing regulations made under this Regulation is subject to annulment in pursuance of a resolution of either House of Parliament.
Article 31 
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Article 32 

1. The following are exempt from the obligations under this Regulation until   31 December 2026—
(a) the management company (as defined in section 237(2) of FSMA) of a UK UCITS;
(b) the management company (as defined in point (b) of Article 2(1) of Directive 2009/65/EC) of an EEA UCITS;
(c) an authorised open-ended investment company (as defined in section 237(3) of FSMA) which is a UK UCITS;
(d) an investment company referred to in Article 27 of Directive 2009/65/EC;
(e) a person advising on, or selling, units of UK UCITS or EEA UCITS in the United Kingdom.
2. When the United Kingdom applies rules on the format and content of the key information document, as laid down in the provisions of FSMA and any rules or regulations made under FSMA which were relied on immediately before IP completion day to implement Articles 78 to 81 of Directive 2009/65/EC, to non-UCITS funds offered to retail investors in the United Kingdom, the exemption laid down in paragraph 1 of this Article shall apply to management companies, investment companies and persons advising on, or selling, units of such funds to retail investors in the United Kingdom.
(3.) —
(1) In this Article, “UK UCITS” and “EEA UCITS” have the meanings given in section 237(3) of FSMA.
(2) Where an EEA UCITS is recognised under  section 271A or section 272 of FSMA, the management company referred to in paragraph 1(b) or the investment company referred to in paragraph 1(d) above must comply with duties corresponding to those that, if the United Kingdom were a UCITS host Member State for the purposes of the UCITS Directive, would be imposed on the EEA UCITS in accordance with Article 94 of that Directive, to the extent it applies to key investor information.
(3) For the purposes of this Article, Article 94 is to be read as if—
(a) references to the UCITS host member State, or to a member State where the UCITS markets its units, were references to the United Kingdom;
(b) references to the competent authority of the UCITS host member State or of the member State where the UCITS markets its units were references to the FCA.
Article 33 
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Article 34 
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
It shall apply from 1 January 2018.
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