ERM Glossary: Packaged retail investment
product (PRIP)
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The term ‘packaged retail
investment product’ (PRIP) has been introduced by the EU to refer to financial
products generally sold to the retail market that offer exposure to underlying
financial assets, but in packaged forms which modify that exposure compared
with direct holdings. They are typically 'manufactured' meaning that they
combine different assets into a single proposition, or include some element of
financial engineering. Examples include investment funds such as those governed
by the Undertakings for Collective Investment in Transferrable Securities (UCITS) directive, other
non-harmonised retail investment funds, (retail) structured products (which can
take many legal forms), and unit-linked insurance contracts.
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