EC propose PRIIPs "quick-fix"
It's now official: the European Commission (EC) have finally spoken on PRIIPS.
Well, sort of.
Following months of speculation, the EC have now (quietly) made available a proposed mini-PRIIPS regulation.
This effectively extends the current UCITS grandfathering exemption period by 6 months to 30 June 2022.
The EC say this will be accompanied by minor amendments to the UCITS IV Directive, to avoid retail investors receiving two pre-contractual disclosure documents for the same fund (i.e. the PRIIPS Key information document [KID] alongside the current UCITS Key investor information document [KIID]).
Please note it does not address the legal adoption of the disputed draft RTS supplied by the European Supervisory Authorities. You may recall this outlines the necessary amendments to the current PRIIPS KID within the time available.
It remains unclear when this event will take place.
Otherwise, this latest EC act (currently, without apparent formal announcement or press release) has been opened for feedback until 09 September 2021.
Meantime, many prominent industry associations continue to press for a full 12 month UCITS transition period (i.e. only after the PRIIPS KID RTS has been finalised and legally applied). We continue to track their activities and will report on any progress in due course.