Language of Key Information Documents under Act no. 55/2021 (PRIIPs)

12 September 2025
Ref.: 2501514

Circular no.: 19/2025
To parties offering packaged and insurance-based investment products and/or additional insurance coverage

Subject: Language of key information documents on the basis of Act no. 55/2021 (PRIIPs)

The Financial Supervisory Authority refers to earlier circulars related to Act no. 55/2021 on key information documents for certain investment products for retail investors. These are Circular no. 38/2021 dated 5 July 2021 and Circular no. 33/2023 dated 14 July 2023. With the circulars, attention was drawn to the main elements of Regulation (EU) no. 1286/2014 on key information documents for packaged and insurance-based investment products for retail investors (the PRIIPs Regulation) and the Central Bank's rules that implemented the sub-forms of the PRIIPs Regulation, along with attention being drawn to the broader scope of the Regulation in this country.

Key information documents are intended to enable retail investors to understand and compare the main characteristics of packaged and insurance-based investment products and the associated risks. They are intended to be the basis for retail investors' investment decisions.

The Financial Supervisory Authority wishes to draw parties' attention to the fact that the Financial Supervisory Authority now recognises key information documents in English for parties that distribute packaged investment products, subject to certain conditions, cf. the first paragraph of Article 7 of the PRIIPs Regulation, cf. Article 2 of Act no. 55/2021. Those conditions are:

• The distributor of an investment product shall ensure that the buyer understands the key aspects of the investment and the risks associated with it.

• The distributor shall ensure that other laws and rules are complied with, e.g. regarding the definition of the target market.

• If an investment product is marketed in Iceland or in Icelandic and a key information document in English is provided to an investor, a key information document in Icelandic shall also be provided.

Yours faithfully,
CENTRAL BANK OF ICELAND

Linda Kolbrún Björgvinsdóttir
Sigurður Guðmundsson managing director lawyer conduct supervision conduct supervision