European Commission agrees to UCITS extension for PRIIPS KID
On Monday 3rd December, Members of the European Parliament voted to confirm the delay of the PRIIPs Key Investor Document (KID) requirement to UCITS funds. Initially it had been intended to roll out the requirement to UCITS providers from 31st December 2019, however the European Commission announced an additional two-year extension to 2021.
At present, the KID requirement applies to the vast majority of retail investment and insurance product providers, except for UCITS funds, which are currently exempt as they are required to produce a separate but similar Key Investment Information Document (KIID).
According to Jonathan Lipkin, director of policy, strategy and research at the Investment Association, the extended time will enable the review of the PRIIP KID and the UCITS exemption period and can be used to develop and test solutions.
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All figures correct as at 31.12.2019.