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ARTICLE · 15 JANUARY 2013

Packaged Retail Investment Products

Dillon Eustace
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On 3 July, 2012 the Commission proposed a legislative package which it hopes will help rebuild investor confidence in retail investment products.

IrelandFinance and Banking
Dillon Eustace
Dillon Eustace
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On 3 July, 2012 the Commission proposed a legislative package which it hopes will help rebuild investor confidence in retail investment products. The proposed regulation will require all investment funds, structured products and some insurance products to put a key information document ("KID") in place.

The package contains three arms:

  • a proposed revision of the Insurance Mediation Directive;
  • a proposed amendment to the UCITS Directive; and
  • the proposed introduction of a regulation on KIDs for packaged retail investment products ("PRIPs").

For the investment funds industry this will be relevant particularly for non-UCITS funds which are sold to retail investors. The proposed regulation, when implemented, will require non-UCITS retail funds to produce a short form KID (generally two pages) in a standardised format, summarising the main terms of the product and to provide the KID document to prospective investors generally before a contract is concluded.

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