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

S.I. 2021/1149 · Made 13 October 2021

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Financial Services

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 2021f1, make the following Regulations:

Annotations to the whole text

Footnotes

f1

2021 c.22.

Contents

  1. 1Citation and commencement
  2. 2Amendment of Regulation (EU) No 1286/2014
  3. Signature
  4. Explanatory note

1Citation and commencement

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.

2Amendment of Regulation (EU) No 1286/2014

(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)f1 is amended as follows.

(2)

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

Signature

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.