Insurance Regulatory Update, January 2018

DEPARTMENT OF FINANCE PUBLISHES PRIIPS STAUTORY INSTRUMENT

On 9 January, the Department of Finance published the European Union (Key Information Document For Packaged Retail and Insurance-Based Investment Products (PRIIPs)) Regulations 2017 S.I. 629 of 2017 (the Regulations). The Regulations amend the Central Bank Act 1942 to enable the Central Bank to deal with infringements of the PRIIPs regulations under its administrative sanctions procedure. Under the Regulations, the Central Bank also has the power to issue the following measures where it has been established that one or more of the infringements listed in Article 24 of the PRIIPs Regulations have occurred:

• an order prohibiting or suspending the marketing of a PRIIP;