(1)

‘packaged retail investment product’ or ‘PRIP’ means an investment, including instruments issued by special purpose vehicles as defined in point (26) of Article 13 of Directive 2009/138/EC or securitisation special purpose entities as defined in point (an) of Article 4(1) of the Directive 2011/61/EU of the European Parliament and of the Council (19), where, regardless of the legal form of the investment, the amount repayable to the retail investor is subject to fluctuations because of exposure to reference values or to the performance of one or more assets which are not directly purchased by the retail investor;

(2)

‘insurance-based investment product’ means an insurance product which offers a maturity or surrender value and where that maturity or surrender value is wholly or partially exposed, directly or indirectly, to market fluctuations;

(3)

‘packaged retail and insurance-based investment product’ or ‘PRIIP’ means a product that is one or both of the following:

(4)

‘packaged retail and insurance-based investment product manufacturer’ or ‘PRIIP manufacturer’ means:

(5)

‘person selling a PRIIP’ means a person offering or concluding a PRIIP contract with a retail investor;

(6)

‘retail investor’ means:

(7)

‘durable medium’ means a durable medium as defined in point (m) of Article 2(1) of Directive 2009/65/EC;

(8)

‘competent authorities’ means the national authorities designated by a Member State to supervise the requirements this Regulation places on PRIIP manufacturers and the persons advising on, or selling, the PRIIP.