Regulation 3 Interpretation

In these Regulations—

• “2017 Regulations” means the Packaged Retail and Insurance-based Investment Products Regulations 2017^f1;

• “buying” includes acquiring for valuable consideration;

• “consumer composite investment” has the meaning given in regulation 4;

• “FSMA 2000” means the Financial Services and Markets Act 2000;

• “main commencement day” has the meaning given in regulation 2(2);

• “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^f2;

• “PRIIPs Regulation” means 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^f3;

• “retail investor” means a person, other than a professional client (as defined in Article 2(1)(8) of the markets in financial instruments regulation^f4), who is using, or is or may be contemplating using, any of the services provided by a person in the course of carrying on an activity specified in regulation 5.

In these Regulations, references to rules made by the FCA are to those rules as they have effect from time to time.