ECON: "approve" EU-PRIIPs / UCITS changeover delay until 1 January 2023

During the course of this week, it has emerged that the European Parliament Committee on Economic and Monetary Affairs (ECON) has used simplified procedure to approve the amended legal “quick-fixes” previously mentioned:

• PRIIPS: updated KID transition period extended to 1 January 2023
• UCITS: exemption period also extended until 1 January 2023; firms given optionality of producing a UCITS KIID or a PRIIPS-KID for non-retail investors

Latest level 1 texts are now publicly available (per links above).

The situation has also been formally acknowledged by several reliable legal firms, who now anticipate a formal confirmation by the European Council “most likely” during the next EP plenary session scheduled for 10-11 November 2021.

Once verified, this will secure more valuable preparation time for the unprecedented EEA pre-disclosure regime changeover facing Kneip and our clients, next year.

Unfortunately, across the channel, there remains no further news following the Financial Conduct Authority consultation on their UK-PRIIPs KID proposals.

A reminder these were intended to apply from 1 January 2022.

More to follow.