Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) (Text with EEA relevance)Text with EEA relevance

• Published date: 09 December 2014
• Official Gazette Publication: Gazzetta ufficiale dell’Unione europea, L 352, 9 dicembre 2014,Diario Oficial de la Unión Europea, L 352, 9 de diciembre de 2014,Journal officiel de l’Union européenne, L 352, 9 décembre 2014

02014R1286 — EN — 01.08.2019 — 002.001

---

This text is meant purely as a documentation tool and has no legal effect. The Union's institutions do not assume any liability for its contents. The authentic versions of the relevant acts, including their preambles, are those published in the Official Journal of the European Union and available in EUR-Lex. Those official texts are directly accessible through the links embedded in this document

►B REGULATION (EU) No 1286/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) (Text with EEA relevance) (OJ L 352 9.12.2014, p. 1)

Amended by:

		Official Journal
		No	page	date
►M1	REGULATION (EU) 2016/2340 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 December 2016	L 354	35	23.12.2016
►M2	REGULATION (EU) 2019/1156 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 June 2019	L 188	55	12.7.2019

Corrected by:

►C1 Corrigendum, OJ L 358, 13.12.2014, p. 50 (1286/2014)

---

▼B

REGULATION (EU) No 1286/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

of 26 November 2014

on key information documents for packaged retail and insurance-based investment products (PRIIPs)

(Text with EEA relevance)

CHAPTER I

SUBJECT MATTER, SCOPE AND DEFINITIONS

Article 1

This Regulation lays down uniform rules on the format and content of the key information document to be drawn up by PRIIP manufacturers and on the provision of the key information document to retail investors in order to enable retail investors to understand and compare the key features and risks of the PRIIP.

Article 2

1. This Regulation shall apply to PRIIP manufacturers and persons advising on, or selling, PRIIPs.

2. This Regulation shall not apply to the following products:

(a)non-life insurance products as listed in Annex I to Directive 2009/138/EC;

(b)life insurance contracts where the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or infirmity;

(c)deposits other than structured deposits as defined in point (43) of Article 4(1) of Directive 2014/65/EU;

(d)securities as referred to in points (b) to (g), (i) and (j) of Article 1(2) of Directive 2003/71/EC;

(e)pension products which, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement and which entitle the investor to certain benefits;

(f)officially recognised occupational pension schemes within the scope of Directive 2003/41/EC of the European Parliament and of the Council (1) or Directive 2009/138/EC;

(g)individual pension products for which a financial contribution from the employer is required by national law and where the employer or the employee has no choice as to the pension product or provider.

Article 3

1. Where PRIIP manufacturers subject to this Regulation are also subject to Directive 2003/71/EC, this Regulation and Directive 2003/71/EC shall both apply.

2. Where PRIIP manufacturers subject to this Regulation are also subject to Directive 2009/138/EC, this Regulation and Directive 2009/138/EC shall both apply.

Article 4

For the purposes of this Regulation, the following definitions apply:

(1)‘packaged retail investment product’ or ‘PRIP’ means an investment, including instruments issued by special purpose vehicles as defined in point (26) of Article 13 of Directive 2009/138/EC or securitisation special purpose entities as defined in point (an) of Article 4(1) of the Directive 2011/61/EU of the European Parliament and of the Council (2), where, regardless of the legal form of the investment, the amount repayable to the retail investor is subject to fluctuations because of exposure to reference values or to the performance of one or more assets which are not directly purchased by the retail investor;

(2)‘insurance-based investment product’ means an insurance product which offers a maturity or surrender value and where that maturity or surrender value is wholly or partially exposed, directly or indirectly, to market fluctuations;

(3)‘packaged retail and insurance-based investment product’ or ‘PRIIP’ means a product that is one or both of the following:

(a)a PRIP;

(b)an insurance-based investment product;

(4)‘packaged retail and insurance-based investment product manufacturer’ or ‘PRIIP manufacturer’ means:

(a)any entity that manufactures PRIIPs;

(b)any entity that makes changes to an existing PRIIP including, but not limited to, altering its risk and reward profile or the costs associated with an investment in a PRIIP;

(5)‘person selling a PRIIP’ means a person offering or concluding a PRIIP contract with a retail investor;

(6)‘retail investor’ means:

(a)a retail client as defined in point (11) of Article 4 (1) of Directive 2014/65/EU;

(b)a customer within the meaning of Directive 2002/92/EC, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of Directive 2014/65/EU;

(7)‘durable medium’ means a durable medium as defined in point (m) of Article 2(1) of Directive 2009/65/EC;

(8)‘competent authorities’ means the national authorities designated by a Member State to supervise the requirements this Regulation places on PRIIP manufacturers and the persons advising on, or selling, the PRIIP.

CHAPTER II

KEY INFORMATION DOCUMENT

SECTION I

Drawing up the key information document

Article 5

1. Before a PRIIP is made available to retail investors, the PRIIP manufacturer shall draw up for that product a key information document in accordance with the requirements of this Regulation and shall publish the document on its website.

2. Any Member State may require the ex ante notification of the key information document by the PRIIP manufacturer or the person selling a PRIIP to the competent authority for PRIIPs marketed in that Member State.

SECTION II

Form and content of the key information document

Article 6

1. The key information document shall constitute pre-contractual information. It shall be accurate, fair, clear and not misleading. It shall provide key information and shall be consistent with any binding contractual documents, with the relevant parts of the offer documents and with the terms and conditions of the PRIIP.

2. The key information document shall be a stand-alone document, clearly separate from marketing materials. It shall not contain cross-references to marketing material. It may contain cross-references to other documents including a prospectus where applicable, and only where the cross-reference is related to the information required to be included in the key information document by this Regulation.

3. By way of derogation from paragraph 2, where a PRIIP offers the retail investor a range of options for investments, such that all information required in Article 8(3) with regard to each underlying investment option cannot be provided within a single, concise stand-alone document, the key information document shall provide at least a generic description of the underlying investment options and state where and how more detailed pre-contractual information documentation relating to the investment products backing the underlying investment options can be found.

4. The key information document shall be drawn up as a short document written in a concise manner and of a maximum of three sides of A4-sized paper when printed, which promotes comparability. It shall:

(a)be presented and laid out in a way that is easy to read, using characters of readable size;

(b)focus on the key information that retail investors need;

(c)be clearly expressed and written in language and a style that communicate in a way that facilitates the understanding of the information, in particular, in language that is clear, succinct and comprehensible.

5. Where colours are used in the key information document, they shall not diminish the comprehensibility of the information if the key information document is printed or photocopied in black and white.

6. Where the corporate branding or logo of the PRIIP manufacturer or the group to which it belongs is used in the key information document, it shall not distract the retail investor from the information contained in the document or obscure the text.

Article 7

1. The key information document shall be written in the official languages, or in one of the official languages, used in the part of the Member State where the PRIIP is distributed, or in another language accepted by the competent authorities of that Member State, or where it has been written in a different language, it shall be translated into one of these languages.

The translation shall faithfully and accurately reflect the content of the original key information document.

2. If a PRIIP is promoted in a Member State through marketing documents written in one or more official languages of that Member State, the key information document shall at least be written in the corresponding official languages.

Article 8

1. The title ‘Key Information Document’ shall appear prominently at the top of the first page of the key information document.

The key information document shall be presented in the sequence laid down in paragraphs 2 and 3.

2. An explanatory statement shall appear directly underneath the title of the key information document. It shall read:

‘This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.’.

3. The...