HM Treasury announces extension of PRIIPs exemption for UCITS funds

On 1 June 2021, HM Treasury published a press release announcing that the current exemption for UCITS funds from the requirements of the retained EU law version of the PRIIPs Regulation ((EU) 1286/2014) (UK PRIIPs Regulation) will be extended by five years to 31 December 2026.

The exemption currently allows UCITS fund providers to produce a key investor information document (KIID) as per the requirements of the UCITS Directive (2009/65/EC) instead of having to produce a key information document (KID).

HM Treasury intends to legislate to extend the exemption to 31 December 2026. However, depending on the findings of its review of the UK retail disclosure regime, changes to the UK PRIIPs Regulation or a successor regulation may be introduced sooner than this deadline.