As part of the Financial Services Act 2021, Parliament legislated to extend the Undertakings for the Collective Investment in Transferable Securities (UCITS) exemption in The Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation (as enacted in retained EU law) by 5 years – from 31 December 2021 to 31 December 2026. This extension means that UCITS funds offered to UK retail investors can continue to supply either a PRIIPs key information document or a UCITS key investor information document.
We intend to make consequential amendments to the UK PRIIPs Regulatory Technical Standards and the associated Handbook guidance to reflect the new end date of the UCITS exemption in the UK’s PRIIPs Regulation. We will make the required consequential amendments to:
- Article 18 of the PRIIPs Regulatory Technical Standards onshored via the Commission Delegated Regulation (EU) 2017/653 legislation
- COLL 4.7.1A G (1)(b)
- COBS 13.1.1B G (1)
This statement intends to give certainty until the date the amendments to the Regulatory Technical Standards and the Handbook Guidance take effect. We do not propose to take enforcement action against firms for breach of Article 14(1) if they provide a UCITS key investor information document or a non-UCITS retail schemes key investor investment document in accordance with Article 14(2).