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Redefining retail disclosure: Are you ready for Consumer Composite Investments?
The U.K.’s evolving Consumer Composite Investments (CCI) regulation offers more flexibility for asset managers — and greater clarity for investors.
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Impacts of the new Consumer Composite Investments regulation
New rules
The CCI regulation:
- Replaces the current PRIIPs and UCITS regimes
- Defines a CCI as an investment whose returns are dependent on the performance of (or changes in the value of) indirect investments
- Prescribes a new, more flexible template
- Applies to manufacturers and distributors selling CCIs to U.K. investors
New responsibilities for manufacturers
- Provide distributors with a Product Summary to be given to consumers
- Give distributors core data in a machine-readable format
New responsibilities for distributors
- Provide customers with a Product Summary before and after the sale
- Collaborate with manufacturers to meet investors’ information needs
New opportunities
- Improve investor engagement with an easy-to-understand Product Summary
- Tailor a unique disclosure document for each product
- Take a more innovative approach to disclosure
- Enhance digital communications
The regulation gives firms significantly more discretion in determining the information needs of their customers — and increases the responsibility to ensure that disclosures are clear, accurate, and easy to understand.”
Stephen Johnston
Head of Fund Communications Solutions
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Key Terms
MiFID: Markets in Financial Instruments Directive
PRIIPs: Packaged Retail and Insurance-based Investment Products
UCITS: Undertakings for Collective Investment in Transferable Securities
TSR: Tailored Shareholder Reports