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ARTICLE · 08 APRIL 2021

Is A Further PRIIPs Delay For UCITS Imminent?

William Fry LLP
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On 26 March 2021, Irish Funds (the Irish funds industry representative association) issued an update on the legislation governing packaged retail investment products or PRIIIPs.

IrelandFinance and Banking
Patricia Taylor
Patricia Taylor
James Phelan
James Phelan
Nessa Joyce
Nessa Joyce
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On 26 March 2021, Irish Funds (the Irish funds industry representative association) issued an update on the legislation governing packaged retail investment products or PRIIIPs.  Irish Funds understands "from sources in the Commission that a legislative proposal is expected to be published in mid-May that will include the PRIIPs RTS, extension of the UCITS exemption and necessary amendments to existing legislation to resolve outstanding issues.  The proposal will likely include 1 July 2022 as the application date for the RTS and as the new end date for the UCITS exemption.  [Irish Funds understands] that the insurance industry will be pushing for the RTS to apply [from 1 January 2023] rather than the 6 months as the Commission envisages,  Timelines on approving this legislation will remain tight but the Commission remains confident it can be agreed by the end of the year." 

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