HM Treasury Publishes Consumer Composite Investments (Designated Activities) Regulations 2024

HM Treasury has published the Consumer Composite Investments (Designated Activities) Regulations 2024, together with an Explanatory Memorandum.

The Regulations: (i) replace assimilated law in relation to the Packaged Retail and Insurance-based Investment Products Regulation, establishing a new legislative framework for the regulation of Consumer Composite Investments, formerly PRIIPs; (ii) define key concepts including a CCI and retail investor to support interpretation, tailoring definitions established in the PRIIPs Regulation to U.K. markets and law; (iii) specify activities relating to CCIs as designated activities for the purposes of the Financial Services and Markets Act 2000 and provide the U.K. Financial Conduct Authority rule-making and certain supervision and enforcement powers to enable it to set the regulatory provisions that apply to persons carrying out designated activities relating to CCIs; (iv) make transitional provisions and consequential amendments to other legislation to ensure the CCI regime remains operable; and (v) establish civil liability for breaches of FCA rules made under the Regulations. The provisions providing the FCA with the necessary powers to make rules, give directions or guidance, and issue statements of policy come into force on November 22, 2024. The remaining provisions come into force on the day on which the revocation of the U.K. PRIIPs Regulation comes into force.

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