1. Postponement of the end of the UCITS
exemption
Until 31 December 2021, investment fund managers and persons
advising on, or selling, units of UCITS and non-UCITS which issue a
UCITS KIID had a temporary exemption from the requirement to
produce a PRIIPs KID (“UCITS
Exemption”).
On 20 December 2021, in view of the end of the UCITS Exemption,
two new legislation (“UCITS/PRIIPs Quick
Fixes”) were published in the Official Journal
of the EU:
- a Regulation amending the PRIIPs Regulation in order to
postpone the end of the UCITS Exemption to 31 December 2022 (Regulation (EU) 2021/2259 ); and
- a Directive amending the UCITS Directive in order to prevent
retail investors from receiving two different pre-contractual
documents, i.e. the PRIIPs KIDs and the UCITS KIIDs (Directive (EU) 2021/2261 ).
