EUROPE: European Parliament votes on ‘quick fixes’ for PRIIPs and UCITS – EFAMA statement

Thursday November 25 2021

EFAMA have published a statement following yesterday’s vote by the European Parliament plenary formally adopting two ‘quick fixes’ for PRIIPs (Packaged retail investments and insurance-based products) and UCITS (Undertakings for Collective Investment in Transferable Securities). Following the Council’s recent approval, the co-legislators confirmed that funds already producing a UCITS Key Investor Information Document (KIID) will now have until 31 December 2022 to produce a PRIIP Key Information Document (KID). EFAMA also welcome the confirmation that a UCITS KIID is no longer required as long as a PRIIP KID is produced.

It is now necessary for the European Commission to swiftly align the application date of the outstanding PRIIPs Technical Standards (RTS). The alignment is necessary to ensure one overall application date for the new measures. Time is of the essence as the RTS must be published in the EU Official Journal together with the ‘quick fixes’ before year-end, allowing our members sufficient time to prepare the PRIIPs KIDs for end investors.

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