Regulation (EU) No 1286/2014 of the European Parliament and of the CouncilShow full title

Article 2 U.K.

[F1 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 [F2 point (23) of Article 2(1) of the markets in financial instruments regulation];

[F3 (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 [F4 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(1) or Directive 2009/138/EC [F5 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 [F6 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.

Textual Amendments

F1 Art. 2(1) substituted (31.12.2020) by The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 4(2)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F2 Words in Art. 2(2)(c) substituted (31.12.2020) by The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 4(2)(b)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F3 Art. 2(2)(d)-(de) substituted for Art. 2(2)(d) (31.12.2020) by The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 4(2)(b)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F4 Words in Art. 2(2)(e) substituted (31.12.2020) by The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 4(2)(b)(iii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F5 Words in Art. 2(2)(f) inserted (31.12.2020) by The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 4(2)(b)(iv) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F6 Words in Art. 2(2)(g) substituted (31.12.2020) by The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 4(2)(b)(v) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

(1)

Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision (OJ L 235, 23.9.2003, p. 10).