# The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019, Regulation 5: Definitions


(1) Article 4 is amended as follows.
(2) 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;”.
(3) 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;”.
(4) 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;
(6B) ‘professional client’ means a professional client as defined in point (8) of Article 2(1) of the markets in financial instruments regulation;”.
(5) 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.”.

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Source: https://www.legislation.gov.uk/ukdsi/2019/9780111178003/regulation/5 (the official version)
Page: https://openlegislation.uk/draft-packaged-retail-and-insurance-based-investment-products-amendment-eu-exit-regulations-2019/regulation-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.