On 26 August 2021, ALFI provided feedback to the so called UCITS and PRIIPs “quick fixes”.
The PRIIPs quick fix refers to a proposal for a regulation aiming at extending the transitional arrangement under PRIIPs for management companies, investment companies and persons advising on, or selling, units of undertakings for collective investment in transferable securities (UCITS) and non-UCITS.
ALFI agrees that an extension of the exemption for UCITS management companies etc. is needed, because revised regulatory technical standards at level 2 under PRIIPs are not yet available in final form. However, ALFI is of the view that the end of the transitional period mentioned in Article 32 of the PRIIPs Regulation should not only be postponed by 6 months, but by 12 months.
The UCITS quick fix aims at amending the UCITS Directive as regards the use of key information documents by management companies of UCITS. Given that ALFI is of the view that the end of the transitional period mentioned in Article 32 of the PRIIPs Regulation should not only be postponed by 6 months, but by 12 months, the timeline for the replacement of the UCITS KIID for retail investors by the PRIIPs KID would have to be aligned. Moreover, ALFI invites the European legislators to consider abolishing the UCITS KIID for professional investors
Click here to read ALFI’s feedback.
Click on the above link for further information.