BaFin published a fact sheet that describes its administrative practices for the regulatory classification of corporate bonds as part of the interpretation of the Packaged Retail Investment and Insurance-Based Products (PRIIPs) regulation. The information in the fact sheet helps to determine whether or not a corporate bond qualifies as a Packaged Retail Investment Product by assessing certain features of corporate bonds. For instance, a corporate bond that has an indefinite term and a subordinate status will not be classified as a Packaged Retail Investment Product.
The fact sheet states that identification of the products that must comply with the provisions of the PRIIPs Regulation is incumbent first and foremost on the manufacturers of investment products for retail investors and insurance investment products as well as the persons who advise small investors on these products or sell these products to retail investors. This evaluation shall take into account the economic characteristics and terms and conditions of each product.
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Keywords: Europe, Germany, Insurance, Securities, Corporate Bonds, PRIIPs Regulation, PRIIPs, BaFin
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