UK Retail Disclosure Framework � Draft SI and Policy Note
»Ê¹ÚÌåÓýapp government is publishing a near-final version of the statutory instrument to replace the EU Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation and create a new UK retail disclosure framework.
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This draft statutory instrument (SI) is part of HM Treasury’s programme to deliver a Smarter Regulatory Framework for financial services, tailored to the UK.
On 9 December 2022, as part of the Edinburgh Reforms, the government committed to repealing and replacing the EU-inherited PRIIPs Regulation as a matter of priority and issued a consultation on a proposed replacement framework. On 11 July 2023, the government published its consultation response, confirming the government’s intention to entirely remove from legislation all firm-facing retail disclosure requirements and ensure the FCA can deliver a new UK retail disclosure framework for consumer composite investments which is tailored to the UK. This draft SI, alongside an accompanying explanatory policy note, explains the government’s approach to establishing a new legislative framework for UK retail disclosure, and will facilitate the delivery of new FCA rules to replace PRIIPs. »Ê¹ÚÌåÓýapp government welcomes any technical comments on the draft SI by 10 January 2024.