Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

Article 12 What are the risks and what could I get in return? section in the generic key information document

  1. (1)

    In the section entitled "What are the risks and what could I get in return?", by way of derogation from paragraphs 2(a) and 3 of Article 3, PRIIP manufacturers shall specify the following:

    1. (a)

      the range of risk classes of all underlying investment options offered within the PRIIP by using a summary risk indicator having a numerical scale from 1 to 7, as set out in Annex III,

    2. (b)

      a statement indicating that the risk and return of the investment varies on the basis of the underlying investment option;

    3. (c)

      a brief description on how the performance of the PRIIP as a whole depends on the underlying investment options;

    4. (d)

      an indication where the specific information on each underlying investment option is to be found.

  2. (2)

    Where PRIIP manufacturers use the key investor information document in accordance with Article 14(2), for the purposes of specifying the risk classes referred to in point (a) of paragraph 1, they shall use the synthetic risk and reward indicator pursuant to Article 8 of Regulation (EU) No 583/2010 in relation to UCITS or non-UCITS funds as underlying investment options.