Regulation 5 Definitions

Article 4 is amended as follows.

For point (5) substitute—

“(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;”.

In point (6), in the definition of “retail investor”, for points (a) and (b) substitute—

“(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;”.

After point (6) insert—

“(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 exit day to implement Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution^f1;

(6B)

‘professional client’ means a professional client as defined in point (8) of Article 2(1) of the markets in financial instruments regulation;”.

For point (8) substitute—

“(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 exit day.”.