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Further delay to the EU PRIIPs RTS 2.0 amendments proposed by the EU Commission

Following all of the regulatory updates from the EU Commission is a challenging task even for our regulatory watch group. In our latest newsletter regarding EU PRIIPs, we announced the official publication of the PRIIPs RTS 2.0 amendments in the Official Journal of the European Union.

The Commission Delegated Regulation (EU) 2021/2268, also known informally as the amended EU PRIIPs RTS 2.0 requirement was fully legislated only in December 2021.  

The official application date for the new regulatory requirement, while moved several times, had been set to July 1st, 2022. Already when announced, the date raised concerns and questions across the PRIIP stakeholders, as it was inconsistent with the official PRIIP KID transition period for UCITS & AIFs, which extends until the end of 2022.

Thus, it should not be surprising that,  the official timeline is deemed to move. In a new formal proposal by the EU Commission from March 17th, the recently adopted enforcement date for the EU PRIIP RTS 2.0 requirements is changed from the originally envisioned July 1st, 2022 to January 1st, 2023.  

The change aligns the application date with the official end of the applicable UCITS / AIFs transitional period, which applies for UCITS and AIFs manufacturers. This ensures all PRIIP stakeholders, including fund and insurance, would need to switch to the new RTS at the same time.  

Furthermore, provided that FCA proposes new changes within the next few weeks, it is highly possible that the new date may also coincide with the official enforcement of amendments to the UK PRIIP regime.  

Over the past months, cleversoft has been actively preparing and working on the cleversoft PRIIP services in relation to the new EU PRIIPs RTS requirements. Our goal has been to ensure all our clients can meet the new regulatory requirements on time. The new delay is another opportunity even for latecomers to align and benefit from the cleversoft’s compliance guarantee.  

Do not hesitate to contact us, we will be happy to help you and actively discuss with you any concerns you might have to the upcoming requirements.