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) in the United Kingdom9.

   [Note: article 5 of the PRIIPs Regulation]

2. (2)

   Since the PRIIPs Regulation imposes 9requirements 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 202111. 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 in the United Kingdom9, other than a UCITS, is able to benefit from this exemption where a the United Kingdom9 applies rules on the format and content of the key investor information documentwhich implemented9 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 in the United Kingdom9 may, until 31 December 202111, draw up either:

      1. (i)

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

      2. (ii)

         a NURS-KII document.

[Note: Article 32(1) of the PRIIPs Regulation as amended by article 17(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019]11

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.