Explanatory note

This Order amends the Consumer Composite Investments (Designated Activities) Regulations 2024 (S.I. 2024/1198) (“the CCI Regulations”) to provide temporary exemptions from the financial promotion restriction (see section 21(1) of the Financial Services and Markets Act 2000 (c. 8) (“FSMA 2000”)) and the scheme promotion restriction (see section 238(1) of FSMA 2000).

These temporary exemptions apply to key information documents (“KIDs”) produced in accordance with Article 13 of Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (“the PRIIPs Regulation”), where provided by persons advising on or selling consumer composite investments (“CCIs”) as defined in the CCI Regulations, after commencement of the revocation of the PRIIPs Regulation on 6th April 2026.

Under the transitional provisions in the Financial Conduct Authority (“FCA”) rules relating to the new CCI regime, a KID may continue to be produced for the duration of the transitional period for this new regime (“the CCI transitional period”).

The CCI transitional period is due to end on 8th June 2027. The effect of inserted regulation 8A(3) is to insert a long-stop date on the effect of the exemptions inserted by this Order, which is 8th December 2028.

The FCA Handbook is available on www.handbook.fca.org.uk and copies of the rules referred to can be obtained from the FCA, 12 Endeavour Square, London, E20 1JN, where they are also available for inspection.

No impact assessment has been published in respect of this Order because no impact, or no significant impact, on the private, voluntary or public sector is foreseen.