Identify UK PRIIPs to provide the requiered UK KID
Following the Brexit, the UK regulator established a specific regulation for the UK market, in effect since the 25 of March 2022, by adapting the current PRIIPs regulation.
SIX introduced this package that provides the "UK PRIIPs Scope Indicator" in order to support its customers in determining which instruments fall under the UK PRIIPs scope. The distributors (financial advisors) are expected to give the UK PRIIPs KID created by the manufacturer (issuers) to the retail investor, for free, as part of the advisory and execution process, and in the most applicable setting.
- Asset Management
- Wealth Management / Private Banking
- Retail / Brokerage
- Portfolio Management
- Risk
- Compliance
- Reporting
The indicator is based on the regulations and guidelines published by the UK regulator FCA (Financial Conduct Authority) and classifies instruments either by the underlying SIX rule set or based on explicit confirmation by manufacturers. In addition, the related "UK PRIIPs Instrument Type" provides further information regarding the reasoning for classification.
- Data enables distributor (retail account manager) to identify whether specific regulatory obligations have to be fulfilled, i.e. providing UK PRIIPs KIDs.
- Data containing UK PRIIPs Scope Indicator and UK PRIIPs Instrument Type is provided via established channels and structures, comparable to its pendant, the established EEA PRIIPs Scope Indicator within MiFID II Investor Protection.
- Specific rule set for UK PRIIPs Regulation created, diverging from EEA PRIIPs Regulation and regularly monitored for adjustments by FCA.
- Set-up allows to reflect explicitly given confirmation by issuers to reduce uncertainty for unclear/issuer-dependent classification, as defined in Regulation.
- The "UK PRIIPs Data" offering complements the SIX Flex® "PRIIPs Data Service"package.