PRIIPS / UCITS transition extended to 31 December 2022… SFDR / TR, also?
Major regulatory newsflashes concerning the deadlines for the UCITS/PRIIPs transition and the SFDR / Taxonomy Regulation.
1. PRIIPS / UCITS transition: extended to 31 December 2022
It has been confirmed overnight that Members of the European Parliament have now voted to adopt:
- PRIIPS legal “quick-fix”: extending the general transition to the revised EU-PRIIPS key information document (KID) until 31 December 2022
- UCITS legal “quick-fix”: starting from 1 January 2023, a removal of the obligation for firms to produce a Key Investor Information Document (KIID) for their non-retail investors where they opt to produce a PRIIPS-KID instead.
2. SFDR / Taxonomy Regulation: “likely” to be delayed until 31 December 2022
There is increasing media speculation (citing “anonymous” sources) that the European Commission is now “likely” to further delay application of their Taxonomy and Sustainable Finance Disclosure regulation technical standards until 31 December 2022. More details to follow (pending official announcement).