2021 No. 1149
Financial Services

The Packaged Retail and Insurance-based Investment Products (UCITS Exemption) (Amendment) Regulations 2021

Made
Laid before Parliament
Coming into force
The Treasury, in exercise of the powers conferred by section 38(5) of the Financial Services Act 20211, make the following Regulations:

Citation and commencement1.

These Regulations may be cited as the Packaged Retail and Insurance-based Investment Products (UCITS Exemption) (Amendment) Regulations 2021 and come into force on 31st December 2021.

Amendment of Regulation (EU) No 1286/20142.

(1)

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 product (PRIIPs)2 is amended as follows.

(2)

In Article 32(1), for “31 December 2021” substitute “31 December 2026”.

Alan Mak
Rebecca Harris
Two of the Lords Commissioners of Her Majesty’s Treasury
EXPLANATORY NOTE
(This note is not part of the Regulations)

These Regulations amend 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) (PRIIPs Regulation). They extend an existing exemption for management and investment companies and persons advising on, or selling, Undertakings for Collective Investment in Transferable Securities (UCITS) funds from the requirements of the PRIIPs Regulation. The current exemption is being extended by five years to 31st December 2026.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. A de minimis impact assessment is available from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ and is published with the Explanatory Memorandum alongside this instrument at www.legislation.gov.uk.