Regulatory Alerts2017-09-04
Added · Updated
Life Assurance (Provision of Information) Regulations (Amendment) Regulations 2017
The Central Bank of Ireland amends the Life Assurance (Provision of Information) Regulations 2001 to disapply Regulation 7(2) for products within the scope of the PRIIPs Regulation, preventing the provision of a generic pre-contractual disclosure document that would conflict with EU requirements. This change ensures that regulated entities manufacturing or selling packaged retail and insurance-based investment products comply with the Key Information Document mandate effective from 1 January 2018, while retaining the personalised disclosure obligation under the Life Regulations during an interim period. The Central Bank expects entities to clearly explain the distinct nature of both documents to retail investors during this co-existence phase pending the EU Commission's review of the PRIIPs Regulation by the end of 2018.
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