As announced previously the EU Commission had proposed extending the delay to the new PRIIP RTS requirements to the end of the year, with a delayed application date starting on January 1st, 2023. While this date had been widely adopted by all market participants, it was not legislatively endorsed.
Since Friday, June 24th, 2022 there is now clarity the delay has been formally published in the EU Official Journal under Commission Delegated Regulation (EU) 2022/975 of 17 March 2022. The official publication of the European Commission also notes that while the official entry into force of the delay is only 20 days after publication (July 14, 2022), which is after the initially foreseen application date of the new PRIIP RTS requirements, the intention of the co-legislators is clearly to:
- postpone the start of application of the new rules included in Delegated Regulation 2021/2268 to 1 January 2023 [the new PRIIP RTS]
- prolong the application of Article 14(2) of Delegated Regulation (EU) 2017/653 until 31 December 2022 [Fund Key Investor Information Document (KIID) usage for purpose providing information on investment options of insurance Multi-option PRIIPs (MOPs)]
Similarly, the delay to the UCITS PRIIP KID exemption period, which now also applies until the end of 2022, has already been fully legislated as part of the two changes below:
- Amendment within the PRIIP Level 1 Regulation (EU) 2021/2259 to postpone the end of the UCITS Exemption to 31 December 2022
- Directive (EU) 2021/2261, which amends Directive 2009/65/EC that regulate that EEA retail investors should not receive two different pre-contractual documents, i.e. they should receive either a PRIIP KID or a UCITS KIID
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