EUROPE: Commission adopts Delegated Regulation amending PRIIPs KID Delegated Regulation and related Delegated Regulation concerning extension of transitional arrangements

Monday March 21 2022

On 17 March 2022, the European Commission adopted a Delegated Regulation amending the regulatory technical standards (RTS) laid down in Delegated Regulation (EU) 2017/653 (otherwise known as the PRIIPs KID Delegated Regulation) as regards the extension of the transitional arrangement laid down in Article 14(2) of that Regulation and amending the RTS laid down in Delegated Regulation (EU) 2021/2268 as regards the date of application of that Regulation.

Article 1 of Regulation (EU) 2021/2259 of the European Parliament and of the Council extended the transitional arrangements for companies and persons, laid down in Article 32 of Regulation (EU) No 1286/2014 of the European Parliament and of the Council in relation to certain UCITS and non-UCITS funds from 31 December 2021 to 31 December 2022. Consequently, those companies and persons will apply that Regulation in respect of those funds as of 1 January 2023.

This Delegated Regulation extends the transitional arrangements under Commission Delegated Regulation (EU) 2021/2268 that are consistent with the extended transitional arrangements in Article 32 of Regulation (EU) No 1286/2014. It allows manufacturers of packaged retail and insurance-based investment products (PRIIPs) that offer investment funds as the only underlying investment options, or alongside other investment options, to continue using, for the purposes of drawing PRIIPs key information documents, key investor information documents drawn up in accordance with Articles 78 to 81 of Directive 2009/65/EC of the European Parliament and of the Council in respect of such funds until 31 December 2022. This Delegated Regulation also lays down 1 January 2023 as a new application date of Delegated Regulation (EU) 2021/2268.

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