competent authorities — 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 (8)

durable medium — borrowed from another act; this instrument states no meaning of its own (7)

insurance-based investment product — 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 (2)

packaged retail investment product — borrowed from another act; this instrument states no meaning of its own (1)

person selling a PRIIP — a person offering or concluding a PRIIP contract with a retail investor (5)

PRIIP — a product that is one or both of the following: a PRIP; an insurance-based investment product (3)

PRIIP manufacturer — any entity that manufactures PRIIPs; any entity that makes changes to an existing PRIIP including, but not limited to, altering its risk and reward profile or the costs associated with an investment in a PRIIP (4)

PRIP — 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 Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1). , 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 (1)

retail investor — a retail client as defined in point (11) of Article 4 (1) of Directive 2014/65/EU; a customer within the meaning of Directive 2002/92/EC, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of Directive 2014/65/EU (6)