contents table Lexparency.org
Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs)
Article 14

Article 14

  1. The person advising on, or selling, a PRIIP shall provide the key information document to retail investors free of charge.
  2. The person advising on, or selling, a PRIIP shall provide the key information document to the retail investor in one of the following media:
    1. on paper, which should be the default option where the PRIIP is offered on a face-to-face basis, unless the retail investor requests otherwise;
    2. using a durable medium other than paper, where the conditions laid down in paragraph 4 are met; or
    3. by means of a website where the conditions laid down in paragraph 5 are met.
  3. Where the key information document is provided using a durable medium other than paper or by means of a website, a paper copy shall be provided to retail investors upon request and free of charge. Retail investors shall be informed about their right to request a paper copy free of charge.
  4. The key information document may be provided using a durable medium other than paper if the following conditions are met:
    1. the use of the durable medium is appropriate in the context of the business conducted between the person advising on, or selling, a PRIIP and the retail investor; and
    2. the retail investor has been given the choice between information on paper and in the durable medium, and has chosen that other medium in a way that can be evidenced.
  5. The key information document may be provided by the means of a website that does not meet the definition of a durable medium if all of the following conditions are met:
    1. the provision of the key information document by means of a website is appropriate in the context of the business conducted between the person advising on, or selling, a PRIIP and the retail investor;
    2. the retail investor has been given the choice between information provided on paper and by means of a website and has chosen the latter in a way that can be evidenced;
    3. the retail investor has been notified electronically, or in written form, of the address of the website, and the place on the website where the key information document can be accessed;
    4. the key information document remains accessible on the website, capable of being downloaded and stored in a durable medium, for such period of time as the retail investor may need to consult it.

    Where the key information document has been revised in accordance with Article 10, previous versions shall also be provided on request of the retail investor.

  6. For the purposes of paragraphs 4 and 5, the provision of information using a durable medium other than paper or by means of a website shall be regarded as appropriate in the context of the business conducted between the person advising on or selling a PRIIP and the retail investor if there is evidence that the retail investor has regular access to the internet. The provision by the retail investor of an email address for the purposes of that business shall be regarded as such evidence.