Statutory Instruments
2021 No. 1149
Financial Services
The Packaged Retail and Insurance-based Investment Products (UCITS Exemption) (Amendment) Regulations 2021
Made
13th October 2021
Laid before Parliament
15th October 2021
Coming into force
31st December 2021
The Treasury, in exercise of the powers conferred by section 38(5) of the Financial Services Act 2021(1), make the following Regulations:
Citation and commencement
1. 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 1286/2014
2.—(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
13th October 2021
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.
EUR 2014/1286, as amended by S.I. 2019/403 which substituted Article 32(1). The original date for the expiry of the exemption in Article 32(1) of 31 December 2019 was extended to 31 December 2021 by article 17(1) of EU Regulation 2019/1156. There are other amendments that are not relevant.