‘Quick-fix’ proposals

What? The European Commission adopted two ‘quick-fix’ proposals to amend the PRIIPs Regulation and the UCITS Directive.

When? 15 July 2021

Why? The two proposals support the Commission’s plan to replace today’s UCITS KIID (UCITS Key investor information) and PRIIPs KID (PRIIPs Key information document) with one revised PRIIPs KID, based on the technical standards adopted by the European Supervisory Authorities in February. This will give retail investors more comparability and standardise the provision of pre-contractual information to retail investors in the EU. To achieve this, the Commission will propose a revised PRIIPs Delegated Regulation in early September, to allow the PRIIPs KID to be seamlessly extended to the area of funds. The two quick-fixes pave the way for this shift, by synchronising all application dates to give retail investment market participants time to prepare for the new PRIIPs Delegated Regulation, and ensure a smooth transition into the new rules, which should normally enter into force on 1 July 2022.

Want to know more? Read more on the PRIIPs quick fix; read more on the UCITS quick fix.