PRIIP KIDs regulation delayed
Unless you’ve been hiding under a duvet for the last 12 hours (I considered it) you are bound to have spotted the major news story of the day. It’s been a long time coming and many thought it wouldn’t actually happen. However, now that it has we need to prepare ourselves for the long and winding road ahead.
I am, of course, referring to the announcement that the European Commission has officially announced a 12 month delay to the much-discussed PRIIP KIDs regulation which was due to land in January 2017. That date will now be January 2018, granting affected organisations a welcome reprieve.
Why has it been delayed? Well, some people believed that, even after years in the making, PRIIP KIDs legislation was rushed and unclear and demanded this delay. The EC has held several discussions with MEPs in recent months and decided today that a 12 month delay was appropriate. EC Vice President Valdis Dombrovskis has said of the delay that it will “ensure legal certainty and a smooth implementation”.
Over the coming months the regulation will be refined in a number of targeted areas and resubmitted to the EC for final approval.
What should I do now? If you are affected by PRIIP KIDs legislation then this is likely to come as good news. However, it would be wise not to sit back and relax for too long. Maybe just take Christmas off and then get back on it. Whilst a year sounds like a long time, PRIIP KIDs are now likely to coincide with MiFID II legislation which means that anyone affected by both will have their work cut out in 2017.
FundsLibrary currently works with hundreds of fund groups and distributes two-eyed KIIDs to over 90% of the UK platform market. We offer document production services and will use our existing distribution networks to get the new one-eyed KIDs around the market. Wouldn’t it be nice to put a big, fat tick next to PRIIP KID distribution..? Drop us a line to see how we can help.