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DISC 2.3 Guidance on when a PRIIP is not ‘made available’ to a retail investor

DISC 2.3.1G

1In the FCA’s view, and for the purposes of the PRIIPs Regulation, a financial instrument is not ‘made available’ to a retail investor where the following conditions are met:

  1. (1)

    the marketing materials for the financial instrument (including the prospectus, if there is one) feature prominent and clear disclosures to the effect that the financial instrument:

    1. (a)

      is being offered only to investors eligible for categorisation as professional clients or eligible counterparties under the FCA’s rules; and

    2. (b)

      is not intended for retail investors;

  2. (2)

    the issuer of the financial instrument or, in relation to secondary market offers, the distributor, has taken reasonable steps to ensure the offer and any associated promotional communications are directed only to investors eligible for categorisation as professional clients or eligible counterparties; and

  3. (3)

    a denomination or minimum investment of £100,000 applies to the financial instrument, or equivalent amount for a financial instrument denominated in another currency, where the equivalent amount is calculated not more than 3 business days before the date of issue of the financial instrument.