{
  "url": "https://openlegislation.uk/draft-packaged-retail-and-insurance-based-investment-products-amendment-eu-exit-regulations-2019/regulation-5",
  "json_url": "https://openlegislation.uk/draft-packaged-retail-and-insurance-based-investment-products-amendment-eu-exit-regulations-2019/regulation-5.json",
  "legislation": "ukdsi/2019/9780111178003",
  "legislation_title": "The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019",
  "legislation_url": "https://openlegislation.uk/draft-packaged-retail-and-insurance-based-investment-products-amendment-eu-exit-regulations-2019",
  "path": "regulation/5",
  "kind": "regulation",
  "number": "5",
  "heading": "Definitions",
  "text": "(1) Article 4 is amended as follows.\n(2) For point (5) substitute—\n“(5) ‘selling a PRIIP’ means—\n(a) offering a PRIIP contract to a retail investor in the United Kingdom; or\n(b) concluding a PRIIP contract with a retail investor in the United Kingdom;\n(5A) ‘advising on a PRIIP’ means advising a retail investor in the United Kingdom on a PRIIP;”.\n(3) In point (6), in the definition of “retail investor”, for points (a) and (b) substitute—\n“(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;\n(b) a customer, where that customer would not qualify as a professional client;”.\n(4) After point (6) insert—\n“(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;\n(6B) ‘professional client’ means a professional client as defined in point (8) of Article 2(1) of the markets in financial instruments regulation;”.\n(5) For point (8) substitute—\n“(8) ‘FCA’ means the Financial Conduct Authority;\n(9) ‘third country’ means a country or territory outside the United Kingdom;\n(10) ‘FSMA’ means the Financial Services and Markets Act 2000;\n(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;\n(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.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "OJ L26, 2.2.2016, p. 19."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2019/9780111178003/regulation/5",
    "retrieved_at": "2026-10-30T15:02:09.564593+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}