Well, today it finally happened: the European Commission have now formally adopted a finalised version of the PRIIPS Key Information Document (KID) ahead of roll-out to UCITS funds next year. This is almost 2 years after the European Supervisory Authorities (ESAs) originally launched their consultation on how the PRIIPS KID should be amended to “address the main regulatory issues” identified by retail investment stakeholders and regulators.
The EC has now published both a delegated legal act alongside a 46-page annex of specific amendments which will be closely compared against the ESA’s draft RTS, ahead of scrutiny by both the European Parliament & Council (with legal application scheduled from 1 July 2022).
Meantime, leading fund associations are likely to maintain their efforts to secure additional time for EEA firms to adequately prepare for the decisive KID transformation, with many questioning the need for continued pre-contractual UCITS KIID disclosure facing non-retail investors in due course.
More to follow.