During the course of this week, it has emerged that the European Parliament Committee on Economic and Monetary Affairs (ECON) has used simplified procedure to approve the amended legal “quick-fixes” previously mentioned:
- PRIIPS: updated KID transition period extended to 1 January 2023
- UCITS: exemption period also extended until 1 January 2023; firms given optionality of producing a UCITS KIID or a PRIIPS-KID for non-retail investors
Latest level 1 texts are now publicly available (per links above).
The situation has also been formally acknowledged by several reliable legal firms, who now anticipate a formal confirmation by the European Council “most likely” during the next EP plenary session scheduled for 10-11 November 2021.
Once verified, this will secure more valuable preparation time for the unprecedented EEA pre-disclosure regime changeover facing Kneip and our clients, next year.
Unfortunately, across the channel, there remains no further news following the Financial Conduct Authority consultation on their UK-PRIIPs KID proposals.
A reminder these were intended to apply from 1 January 2022.
More to follow.