Update for firms on PRIIPs RTS Article 18 and related rules

Addendum – 21 January 2022

We clarify that UCITS schemes can only provide the UCITS KIID and to introduce a reference to NURS.

As part of the Financial Services Act 2021, Parliament legislated to extend the Undertakings for the Collective Investment in Transferable Securities (UCITS) exemption in the Packaged retail investment and insurance products (PRIIPs) Regulation (as enacted in retained EU law) by 5 years – from 31 December 2021 to 31 December 2026. This extension means that UCITS funds offered to UK retail investors must continue to supply  a UCITS key investor information document (KIID).  

We intend to make consequential amendments to the UK PRIIPs Regulatory Technical Standards and the associated Handbook guidance to reflect the new end date of the UCITS exemption in the UK’s PRIIPs Regulation. We will make the required consequential amendments to:  

  • Article 18 of the PRIIPs Regulatory Technical Standards onshored via the Commission Delegated Regulation (EU) 2017/653 legislation 
  • COLL 4.7.1A G (1)(b) 
  • COBS 13.1.1B G (1) and (2) 

This statement intends to give certainty until the date the amendments to the Regulatory Technical Standards and the Handbook Guidance take effect.  We do not propose to take enforcement action against firms for breach of Article 14(1) if they provide the following disclosure in accordance with Article 14(2): 

  • A UCITS scheme supplying a UCITS KIID 
  • A non-UCITS retail scheme supplying either a NURS-KII document or a PRIIPs KID. A NURS may meet the requirement to draw up key information under the rules in COLL 4.7 with either a NURS-KII document or a PRIIPs KID

 

Page updates

21/01/2022: Information changed We clarify that UCITS schemes can only provide the UCITS KIID and to introduce a reference to NURS.