Contents
THE EUROPEAN COMMISSION,Having regard to the Treaty on the Functioning of the European Union,Having regard to Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs)note, and in particular Article 8(5) and Article 10(2) thereof,Whereas:
(1)Regulation (EU) No 1286/2014 lays down uniform rules on the format and content of the key information document to be drawn up by PRIIP manufacturers and on the provision of the key information document to retail investors in order to enable retail investors to understand and compare the key features and risks of the PRIIP. However, pursuant to Article 32(1) of that Regulation, management companies as defined in Article 2(1), point (b), of Directive 2009/65/EC of the European Parliament and of the Councilnote, investment companies as referred to in Article 27 thereof and persons advising on, or selling, units of UCITS as referred to in Article 1(2) thereof were exempt from the obligations under that Regulation until 31 December 2021. When a Member State applies rules on the format and content of the key information document, as laid down in Articles 78 to 81 of Directive 2009/65/EC, to non-UCITS funds offered to retail investors, the transitional arrangement laid down in Article 32(1) of that Regulation applies to management companies, investment companies and persons advising on, or selling, units of such funds to retail investors. Regulation (EU) 2021/2259 of the European Parliament and of the Councilnote amended Regulation (EU) No 1286/2014 to extend that transitional arrangement until 31 December 2022.
(2)Commission Delegated Regulation (EU) 2017/653note, which was adopted on the basis of Articles 8(5), 10(2) and 13(5) of Regulation (EU) No 1286/2014, lays down rules with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents. Article 14(2) of that Delegated Regulation allowed PRIIP manufacturers to use the key investor information document drawn up in accordance with Articles 78 to 81 of Directive 2009/65/EC to provide specific information for the purposes of Articles 11 to 13 of that Delegated Regulation, rather than the key information document referred to in that Delegated Regulation (EU) 2017/653, until 31 December 2019, provided that at least one of the underlying investment options referred to in Article 14(1) of that Delegated Regulation is a UCITS or non-UCITS fund as referred to in Article 32 of Regulation (EU) No 1286/2014. Commission Delegated Regulation (EU) 2019/1866note extended that transitional arrangement until 31 December 2021, and Commission Delegated Regulation (EU) 2021/2268note amended Delegated Regulation (EU) 2017/653 to further extend that transitional arrangement until 30 June 2022.
(3)Since Regulation (EU) 2021/2259 has now extended the transitional arrangement referred to in Article 32 of Regulation (EU) No 1286/2014 until 31 December 2022, it is necessary that that extension is also reflected in Delegated Regulation (EU) 2017/653, and that the transitional arrangement is further extended from 30 June 2022 until 31 December 2022. Delegated Regulation (EU) 2017/653 should therefore be amended accordingly.
(4)It is necessary to ensure that Delegated Regulation (EU) 2021/2268 only applies as of the day that follows the end of the transitional arrangement laid down in Article 32 of Regulation (EU) No 1286/2014. The date laid down in Article 2, second paragraph, of Delegated Regulation (EU) 2021/2268 should therefore be replaced. Delegated Regulation (EU) 2021/2268 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION:
Article 1Amendment to Delegated Regulation (EU) 2017/653#
In Article 18 of Delegated Regulation (EU) 2017/653, the third paragraph is replaced by the following:‘Article 14(2) shall apply until 31 December 2022.’.
Article 2Amendment to Delegated Regulation (EU) 2021/2268#
In Article 2, second paragraph, of Delegated Regulation (EU) 2021/2268, ‘1 July 2022’ is replaced by ‘1 January 2023’.
Source: EUR-Lex, © European Union, 1998-2026. Reuse authorised under Decision 2011/833/EU.