The AT1 Securities are complex financial instruments and are not a suitable or appropriate investment for all investors. In some jurisdictions, regulatory authorities have adopted or published laws, regulations or guidance with respect to the offer or sale of securities such as the AT1 Securities to retail investors.
In particular, in June 2015, the UK Financial Conduct Authority (the “FCA”) published the Product Intervention (Contingent Convertible Instruments and Mutual Society Shares) Instrument 2015 (the “PI Instrument”). In addition, (i) on 1 January 2018, the provisions of Regulation (EU) No. 1286/2014 on key information documents for packaged and retail and insurance-based investment products (as amended, the “PRIIPs Regulation”) became directly applicable in all European Economic Area (“EEA”) member states and (ii) the Markets in Financial Instruments Directive 2014/65/EU (as amended) (“MiFID II”) was required to be implemented in EEA member states by 3 January 2018. Together, the PI Instrument, the PRIIPs Regulation and MiFID II are referred to as the “Regulations”. Persons accessing this website must ensure that they familiarise themselves with, understand and comply with all applicable requirements set out in the Regulations.
PRIIPS Regulation: The AT1 Securities are not intended to be, and should not be, offered, sold or otherwise made available to any retail investor in the United Kingdom or the EEA. No key information document required by the PRIIPs Regulation for offering or selling the AT1 Securities or otherwise making them available to retail investors in the United Kingdom or the EEA has been prepared and therefore offering or selling the AT1 Securities or otherwise making them available to any retail investor in the United Kingdom or the EEA may be unlawful under the PRIIPs Regulation.
MiFID II product governance: Solely for the purposes of each manufacturer’s product approval process, the target market for the AT1 Securities is eligible counterparties and professional clients only, each as defined in MiFID II and all channels for distribution of the AT1 Securities to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the AT1 Securities (a “distributor”) should take into consideration the target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the AT1 Securities (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels.
By accessing this website, you represent, warrant, agree with, and undertake to, Nationwide Building Society that:
- you are not a retail investor or acting on behalf of a retail investor; and
- whether or not you are subject to the Regulations, you will not take any action in respect of the AT1 Securities which would result in a violation of the Regulations by any person.