COBS 13.1 The obligation to prepare product information

1. (1)

   8The PRIIPs Regulation requires the manufacturer of a PRIIP to draw up a key information document in accordance with the PRIIPs Regulation before that PRIIP is made available to retail investors (as defined in the PRIIPs Regulation).

   [Note: article 5 of the PRIIPs Regulation]

2. (2)

   Since the PRIIPs Regulation imposes directly applicable requirements in relation to the preparation of product information for PRIIPs, the rules in COBS 13.1 to COBS 13.4 do not apply to a firm in relation to the manufacture of a PRIIP (except where applicable to Solvency II Directive information). COBS 13.5 and COBS 13.6 continue to apply where relevant.

1. (1)

   8A UCITS management company is exempt from the PRIIPs Regulation until 31 December 2019 (see article 32(1) of the PRIIPs Regulation). These firms should continue to publish a key investor information document until that date (see COLL 4.7).

2. (2)
   1. (a)

      A manager of a fund offered to retail investors, other than a UCITS, is able to benefit from this exemption where a Member State applies rules on the format and content of the key investor information document in articles 78 to 81 of the UCITS Directive to that fund (see article 32(2) of the PRIIPs Regulation).

   2. (b)

      The FCA has made rules for authorised fund managers of non-UCITS retail schemes to give them the choice of benefiting from this exemption (see COLL 4.7).

   3. (c)

      An authorised fund manager of a non-UCITS retail scheme offered to retail clients may, until 31 December 2019, draw up either:

      1. (i)

         a key information document in accordance with the PRIIPs Regulation; or

      2. (ii)

         a NURS-KII document.

8A firm that effects life policies which are also PRIIPs should consider whether it is also required to draw up a key information document in respect of those life policies in accordance with the requirements of the PRIIPs Regulation.