Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) No 1286/2014 as regards the extension of the transitional arrangement for management companies, investment companies and persons advising on, or selling, units of undertakings for collective investment in transferable securities (UCITS) and non-UCITS
Date: 2021-07-15
Institutions: Directorate-General for Financial Stability, Financial Services and Capital Markets Union, European Commission
Subjects: consumer information, financial legislation, financial market, financial services, insurance, investment company, regulation of investments

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   EUROPEAN COMMISSION  Brussels, 15.7.2021  COM(2021) 397 final 2021/0215 (COD)  Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) No 1286/2014 as regards the extension of the transitional arrangement for management companies, investment companies and persons advising on, or selling, units of undertakings for collective investment in transferable securities (UCITS) and non-UCITS (Text with EEA relevance)  
 
EXPLANATORY MEMORANDUM 

1. 

CONTEXT OF THE PROPOSAL 

Reasons for and objectives of the proposal 
Regulation  (EU)  No 1286/20141  enables  retail  investors  to  better  understand  and  compare 
packaged retail and insurance-based investment products (PRIIPs) and make better-informed 
investment  decisions.  PRIIPs  include,  but  are  not  limited  to,  undertakings  for  collective 
investment in transferable securities (UCITS) and retail alternative investment funds (AIFs). 

To  meet  its  objectives,  Regulation  (EU)  No  1286/2014  requires  PRIIPs  manufacturers  to 
comply  with  a  uniform  set  of  product  disclosure  requirements  and  provide  retail  investors 
with a key information document (KID) on each PRIIP they offer. The disclosed information 
should enable retail investors to better understand the economic nature and risks of particular 
PRIIPs and to compare them. Greater transparency and harmonisation also benefit the internal 
market in  financial services by creating a level playing field  among PRIIPs and distribution 
channels. 

Regulation (EU) No 1286/2014 establishes the form and content of the KID. It also empowers 
the  European  supervisory  authorities  (ESAs)  –  i.e. the  European  Banking  Authority,  the 
European  Insurance  and  Occupational  Pensions  Authority,  and  the  European  Securities  and 
Markets  Authority  (as  established  by  Regulations  (EU)  Nos 1093/20102,  1094/20103  and 
1095/20104,  respectively)  –  to  jointly  develop  regulatory  technical  standards  (RTSs) 
specifying the presentation and the content of the KID, its standard format, the methodology 
for presenting risk and reward and calculating costs, the conditions and minimum frequency 
for  reviewing  the  information  in  the  KID  and  the  conditions  on  providing  the  KID  to  retail 
investors. Commission Delegated Regulation (EU) 2017/6535 lays down the RTSs. 

Article 32 of Regulation (EU) No 1286/2014 provides for a transitional arrangement whereby 
management companies,  investment  companies and persons advising on,  or selling, units of 
UCITS  and  non-UCITS  are  temporarily  exempted  from  the  requirement  to  provide  retail 
investors  with  a  KID.  This  arrangement  currently  applies  until  31  December  2021 
(‘transitional arrangement’). 

This  Regulation  is  accompanied  by  amendments  to  Commission  Delegated  Regulation 
(EU) 2017/653.  Given  the  time  needed  to  implement  those  amendments  to  Delegated 

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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) 
(OJ L 352, 9.12.2014, p. 1). 
Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 
establishing a European Supervisory Authority (European Banking Authority), amending Decision No 
716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12). 
Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 
establishing  a  European  Supervisory  Authority  (European  Insurance  and  Occupational  Pensions 
Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ 
L 331, 15.12.2010, p. 48).   
Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 
establishing a European Supervisory Authority (European Securities and Markets Authority), amending 
Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 
84). 
Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing Regulation (EU) No 
1286/2014 of the European Parliament and of the Council on key information documents for packaged 
retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards 
with  regard  to  the  presentation,  content,  review  and  revision  of  key  information  documents  and  the 
conditions for fulfilling the requirement to provide such documents (OJ L 100, 12.4.2017). 

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Regulation  (EU)  2017/653  and  to  reduce  legal  uncertainty,  this  Regulation  extends  the 
transitional arrangement to 30 June 2022. 

The  amendments  to  Delegated  Regulation  (EU) 2017/653  are  based  on  draft  RTSs  jointly 
submitted by the ESAs on 3 February 2021. The draft RTSs involve: 

 

 

 

 

new methodologies for calculating appropriate performance scenarios and a revised 
presentation  of  the  scenarios,  with  a  view  to  ensuring  that  retail  investors  are  not 
provided with inappropriate expectations as to possible returns; 

revised  summary  cost  indicators  and  changes  to  the  content  and  presentation  of 
information on the costs of PRIIPs, to allow retail investors to better understand the 
different  types  of  cost  structure  and  to  facilitate  the  use  of  this  information  by 
persons advising on or selling PRIIPs; 

a  modified  methodology  for  calculating  transaction  costs,  to  address  practical 
challenges  that  have  arisen  when  applying  the  existing  rules,  and  issues  regarding 
their application to certain types of investment; 

modified  rules  for  PRIIPs  offering  a  range  of  options  for  investment,  to  clarify  the 
information on the cost implications. 

The  draft  RTSs  also  lay  down  provisions  in  respect  of  past-performance  information  for 
certain types of UCITS, retail AIFs and insurance-based investment products. 
This  Regulation  is  also  accompanied  by  amendments  to  Directive 2009/65/EC6,  in  order  to 
avoid  a  situation  where,  from  1 July 2022,  investors  receive  two  pre-contractual  disclosure 
documents in respect of the same UCITS (i.e. the KID and the ‘key investor information’ in 
accordance with that Directive). 

As  a  result  of  this  proposal,  Regulation  (EU)  No 1286/2014  will  apply  to  management 
companies,  investment  companies  and  persons  advising  on,  or  selling,  units  of  UCITS  and 
non-UCITS  from  1 July 2022,  to  coincide  with  the  application  of  the  amendments  to 
Directive 2009/65/EC and Delegated Regulation (EU) 2017/653. 

Consistency with existing policy provisions in the policy area 

Articles 78 to 82, and Article 94 of Directive 2009/65/EC require investment companies and 
management  companies  for  UCITS  to  draw  up  ‘key  investor  information’.  Member  States 
may decide to apply the same rules to non-UCITS funds.  

The  purpose  of  the  ‘key  investor  information’  is  to  make  investors  ‘reasonably  able  to 
understand  the  nature  and  the  risks  of  the  investment  product  that  is  being  offered  to  them 
and,  consequently,  to  take  investment  decisions  on  an  informed  basis’.  The  ‘key  investor 
information’  is  a  short  document  (two  pages,  or  three  for  structured  UCITS)  in  a  standard 
format,  with  information  presented  in  a  specified  sequence  that  facilitates  comparisons 
between different UCITS. The information is conveyed in non-technical language, so as to be 
understood  by  retail  investors.  The  ‘key  investor  information’  should  be  a  self-standing 
document: its essential elements should be comprehensible to investors without reference to 
other documents and it should be consistent with the relevant parts of the UCITS prospectus. 
It  is  based  on  the  overall  requirement  for  disclosed  information  to  be  fair,  clear  and  not 
misleading. 

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Directive  2009/65/EC  of  the  European  Parliament  and  of  the  Council  of  13  July  2009  on  the 
coordination  of  laws,  regulations  and  administrative  provisions  relating  to  undertakings  for  collective 
investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32). 

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In  addition  to  identifying  the  UCITS  and  briefly  describing  its  investment  objectives  and 
investment policy, the ‘key investor information’ contains: 

 

 

 

a section on costs and charges, according to a standard format for the presentation 
and  explanation  of  charges,  including  relevant  warnings,  so  that  investors  are 
appropriately informed about the charges they will have to incur and their level as a 
proportion of the amount of capital invested in the fund; 

a section on risks and rewards, which includes detailed rules on the presentation of 
the product’s risk and reward profile, using a synthetic indicator, complemented by 
narrative explanations of the indicator itself and the risks not captured by it. The ‘key 
investor  information’  can  be  cross-referenced  to  the  UCITS  prospectus,  which 
discloses more detailed information on the relevant risks; 

a  section  on  performance,  which  presents  past  performance  or,  in  relevant  cases, 
prospective performance scenarios. 

The  ‘key  investor  information’  has  become  the  benchmark  for  disclosures  in  the  PRIIPs 
framework. The disclosure provisions of Regulation (EU) No 1286/2014 borrow heavily from 
Directive 2009/65/EC.  Based  on  the  ‘key  investor  information’  model,  the  KID  is  a 
standardised  factsheet  presenting  the  key  features  (including  costs  and  potential  risks  and 
rewards)  of  a  given  PRIIP  in  a  simple,  understandable  and  comparable  manner.  Regulation 
(EU)  No  1286/2014  also  contains  detailed  rules  on  when  and  how  manufacturers  and  those 
selling, or advising on, PRIIPs are to provide the KID to retail investors. 

More broadly, Regulation (EU) No 1286/2014 aims to provide retail investors with potential 
means  to  make  better  investment  decisions  and  to  steer  away  from  sub-optimal  or  mis-sold 
products,  thereby  helping  to  restore  trust  in  the  financial  system.  Compared  with  the  ‘key 
investor  information’  provisions,  the  KID  rules  are  deliberately  designed  to  facilitate 
comparison  of  a  much  wider  range  of  retail  investment  products,  including  (but  not  only) 
UCITS  and  retail  non-UCITS,  investment-based  insurance  products,  derivatives  and 
structured products, and other packaged insurance and investment products. 

Disclosure  standards  for  functionally  similar  and  substitutable PRIIPs  improve  transparency 
and comparability, while mitigating confusion from the use of sector-specific concepts. This 
helps retail investors understand and trust the products they buy, while preventing regulatory 
arbitrage  and  promoting  regulatory  consistency,  which  in  turn  should  facilitate  supervision, 
reduce  costs  and  support  price  competition.  The  ‘targeted  standardisation’  in  the  PRIIPs 
framework  is  not  a  ‘one  size  fits  all’  approach,  but  involves  dividing  PRIIPs  into  four 
categories and tailoring the disclosure requirements accordingly. One category is for products 
that track an underlying investment in a linear manner – this covers most UCITS, retail AIFs 
and  unit-linked  insurance  products.  At  the  same  time,  the  KID  ensures  the  uniform 
presentation of key information, irrespective of category, where the PRIIPs are similar enough 
to allow this. 

At the time of its adoption in 2014, the transitional arrangement for UCITS and non-UCITS 
was  justified  by  the  relatively  short  period  since  the  introduction  of  the  ‘key  investor 
information’ (1 July 2011). In recital 35 of Regulation (EU) No 1286/2014, the co-legislators 
specified that it would be ‘proportionate to provide such UCITS a transitional period of five 
years’ and that ‘after the expiry of that transitional period and in the absence of any extension 
thereto, UCITS should become subject to this Regulation’. 

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Regulation  (EU) 2019/11567  of  the  European  Parliament  and  of  the  Council  extended  the 
transitional  arrangement  to  31 December 2021,  with  the  caveat  (recital 14)  that  ‘all 
institutions and supervisory authorities involved should endeavour to act as fast as possible to 
facilitate the termination of that transitional exemption’. 

To  meet  that  objective,  the  ESAs  jointly  adopted  RTSs  amending  Delegated  Regulation 
(EU) 2017/653 and submitted them on 3 February 2021. In summary, the RTSs  concern the 
following: 

Performance scenarios 

The ESAs reduce the risk of over-optimistic performance scenarios across all PRIIPs types, 
with  a  general  option  for  PRIIP  manufacturers  to  use  lower  percentiles  of  the  estimated 
distributions  of  future  returns  to  generate  the  scenarios,  where  justified.  This  would  allow 
PRIIPs manufacturers to generate scenarios that are more conservative if they believe there is 
a material risk of the scenarios as prescribed giving rise to inappropriate expectations on the 
part  of  investors.  However,  the  methodology  does  not  allow  PRIIPs  manufacturers  to  use 
higher percentiles. 

Based on the results of consumer testing, the ESAs add the minimum return of the product 
to the areas to be covered in the performance scenarios for all PRIIPs. 

For  category-2  PRIIPs  (which  includes  most  UCITS  and  non-UCITS),  the  ESAs  propose  a 
revised  methodology  for  calculating  the  ‘favourable’,  ‘moderate’  and  ‘unfavourable’ 
performance scenarios, to reduce the incidence of pro-cyclicality and minimise the potential 
for  misleading  estimates,  which  risk  creating  inappropriate  retail  investor  expectations.  In 
particular, this methodology extends from 5 to 10 the number of years of data underpinning 
the  calculation  of  the  scenarios,  in  order  to  address  issues  of  pro-cyclical  estimates.  It  also 
sources  scenarios  directly  from  a  distribution  of  past  returns,  in  order  to  clarify  for  retail 
investors the mathematical link between past returns and the scenario values. 

For the stress scenario, the ESAs retain the current methodology, as this has proven to be an 
effective indicator of the effect of extreme adverse market events, such as the initial financial 
shock in 2020 from the COVID-19 crisis. 

Past performance 

In  the  ‘Other  relevant  information’  section  of  the  KID,  the  ESAs  include  a  link  to  an 
alternative  online  source  or  external  document  containing  standardised  past-performance 
data.  They  also  standardise  the  content  and  methodology  of  past  performance  in  a  new 
Annex VII  to  Delegated  Regulation  (EU) 2017/653.  The  proposed  methodology  is  based  on 
the  approach  for  the  ‘key  investor  information’,  with  specific  adjustments  where  necessary. 
For  PRIIPs  other  than  category 2,  the  ESAs  maintain  the  current  approach  of  showing 
performance scenarios only. 

Costs 

The  ESAs  revise  the  summary  cost  indicators  and  change  the  content  and  presentation  of 
information on the costs of PRIIPs to allow retail investors to better understand the different 
types  of  cost  structure  and  to  facilitate  the  use  of  this  information  by  persons  selling  or 
advising on PRIIPs, inter alia by requiring that detailed cost information for packaged retail 

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Regulation  (EU)  2019/1156  of  the  European  Parliament  and  of  the  Council  of  20  June  2019  on 
facilitating  cross-border  distribution  of  collective  investment  undertakings  and  amending  Regulations 
(EU) No 345/2013, (EU) No 346/2013 and (EU) No 1286/2014 (OJ L 188, 12.7.2019, p. 55). 

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investment  products  (as  covered  by  Directive 2014/65/EU8,  MiFID  II)  be  presented  in 
monetary  amounts,  in  line  with  Article 50(2)  of  Delegated  Regulation  (EU) 2017/5659.  For 
insurance-based investment products, costs are still expressed as ‘reduction in yield’. 

The  ESAs  modify  the  methodology  for  calculating  transaction  costs  to  address  practical 
challenges  with  the  application  of  the  distribution  rules.  They  also  prevent  negative 
transaction costs by setting a minimum at the level of the explicit costs. 

Article 33  of  Regulation  (EU) 1286/2014  requires  the  Commission  to  assess  whether  the 
transitional  arrangement  for  UCITS  and  non-UCITS  should  ‘be  prolonged,  or  whether, 
following  the  identification  of  necessary  adjustments,  the  provisions  on  key  investor 
information  in  Directive  2009/65/EC  may  be  replaced  by  or  considered  equivalent  to  the 
[KID]’. 

In this regard, the ESAs’ proposal for a revised set of RTSs contains a number of adjustments 
that justify replacing the ‘key investor information’ with the KID for the products in question: 

 

 

 

 

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The  requirement  to  include  in  the  KID  an  external  link  to  product-specific  past 
performance  information,  calculated  according  to  a  standard  methodology,  helps 
retail investors to continue using such information to assess how well each product 
has fared against its benchmark, which is important for comparing actively managed 
products. 

The introduction of standardised performance scenarios for UCITS and non-UCITS 
products will give investors a more complete illustration of the types of performance 
outcome that can be expected from the product, while facilitating comparability with 
other types of retail investment and insurance product. 

Investors will benefit from greater comparability thanks to a standard framework for 
the  disclosure  of  aggregate  costs  across  all  PRIIPs,  including  UCITS  and 
non-UCITS.  In  addition,  several  of  the  proposed  amendments  to  the  RTSs  directly 
address concerns expressed by manufacturers of UCITS-type products, including the 
amended methodology for calculating transaction costs and aligning the detailed cost 
information for packaged retail investment products more closely with the MiFID II 
cost  disclosure  framework.  These  changes  will  limit  the  costs  for  the  asset 
management industry of adapting to the PRIIPs cost disclosure rules. 

The  ‘key  investor  information’  and  the  KID  both  require  the  calculation  of  a 
synthetic,  numerical,  single-summary  risk  indicator  based  on  an  aggregation  of 
various  risks  (as  far  as  possible)  and  accompanied  by  sufficient  narrative 
explanations.  Currently,  the  methodologies  for  calculating  this  indicator  differ 
slightly between the two disclosure frameworks, which may confuse retail investors 
trying  to  make  comparisons  across  frameworks.  The  switch  to  a  common 
methodology  will  improve  comparability.  At  the  same  time,  the  change  in 
methodology may put some products in a different risk category, potentially giving 
the  misleading  impression  that  they  have  become  less  risky.  This  has  been  partly 
remedied by the option given to  manufacturers to revise the  risk indicator upwards 
(but not downwards), subject to certain conditions. 

Directive  2014/65/EU  of  the  European  Parliament  and of the  Council of 15 May 2014  on  markets in 
financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU. 
Commission  Delegated  Regulation  (EU)  2017/565  of  25  April  2016  supplementing  Directive 
2014/65/EU  of  the  European  Parliament  and  of  the  Council  (MiFID  II)  as  regards  organisational 
requirements and operating conditions for investment firms and defined terms for the purposes of that 
Directive (OJ L 87, 31.3.2017, p.1). 

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2. 

LEGAL BASIS, SUBSIDIARITY AND PROPORTIONALITY 

Legal basis 

Like  Regulation  (EU)  No 1286/2014,  which  it  seeks  to  amend,  this  proposal  is  based  on 
Article 114 of the Treaty on the Functioning of the European Union.  

Subsidiarity (for non-exclusive competence) 

According to  the principle of subsidiarity, Union action may be taken only if the envisaged 
outcomes cannot be achieved by Member States acting alone. Union intervention is needed to 
remove  barriers  to  the  internal  market  in  financial  services  and  products  by  introducing  a 
uniform approach to disclosures relating to PRIIPs. The legislation that is being amended is 
adopted in full compliance with the principle of subsidiarity and any amendment to it must be 
made through a Commission proposal. 

Proportionality 

This  Union  action  is  necessary  to  ensure  the  effective  application  of  the  PRIIPs  rules  by 
competent  authorities  and  PRIIPs  manufacturers.  It  will  ensure  that  the  objectives  of 
Regulation (EU) No 1286/2014 are achieved across the internal market, thus ensuring a high 
level of market transparency and retail investor protection. 

3. 

RESULTS 
CONSULTATIONS AND IMPACT ASSESSMENTS 

EVALUATIONS, 

EX POST 

OF 

STAKEHOLDER 

This proposal is not accompanied by a separate impact assessment, as an impact assessment 
has already been produced for Regulation (EU) No 1286/2014. 

This proposal neither alters the substance of the Regulation, nor does it create new obligations 
for  market  participants.  It  concerns  only  an  extension  by  6  months  (i.e. to  30 June 2022)  of 
the transitional arrangement  for management companies, investment  companies and persons 
advising  on,  or  selling,  units  of  UCITS  and  non-UCITS  (Article 32  of  the  Regulation).  The 
purpose  is  to  ensure  legal  certainty  for  the  industry  and  the  competent  authorities  as  they 
prepare  for  the  application  the  new  rules  in  Delegated  Regulation  (EU) 2017/653  and 
Directive 2009/65/EC, as amended. 

4. 

BUDGETARY IMPLICATIONS 

The proposal does not have a budgetary impact for the Commission. 

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2021/0215 (COD) 

Proposal for a 

REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 

amending Regulation (EU) No 1286/2014 as regards the extension of the transitional 
arrangement for management companies, investment companies and persons advising 
on, or selling, units of undertakings for collective investment in transferable securities 
(UCITS) and non-UCITS 

(Text with EEA relevance) 

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, 

Having  regard  to  the  Treaty  on  the  Functioning  of  the  European  Union,  and  in  particular 
Article 114 thereof, 

Having regard to the proposal from the European Commission, 

After transmission of the draft legislative act to the national parliaments, 
Having regard to the opinion of the European Economic and Social Committee10,  

Acting in accordance with the ordinary legislative procedure, 

Whereas: 

(1) 

(2) 

Article  5  of  Regulation  (EU)  No  1286/2014  of  the  European  Parliament  and  of  the 
Council11  requires  manufacturers  of  packaged  retail  and  insurance-based  investment 
products (PRIIPs) to draw up a key information document (‘KID’).  

Article 32(1) of that Regulation, however, contains an exemption to produce a KID for 
management companies as defined in Article 2(1), point (b), of Directive 2009/65/EC 
of the European Parliament and of the Council12, investment companies as referred to 
in Article 27 of that Directive and persons advising on, or selling, units of UCITS as 
referred  to  in  Article  1(2)  of  that  Directive  until  31  December  2021  (‘transitional 
arrangement’). Article 32(2) of Regulation (EU) No 1286/2014 stipulates that where a 
Member State applies rules on the format and content of the key investor information, 
as  laid  down  in  Articles  78  to  81  of  Directive  2009/65/EC,  to  non-UCITS  funds 
offered  to  retail  investors,  the  transitional  arrangement  is  to  apply  to  management 
companies,  investment  companies  and  persons  advising  on,  or  selling,  units  of  such 
non-UCITS funds to retail investors. 

10 
11 

12 

OJ C […], […], p. […]. 
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) 
(OJ L 352, 9.12.2014, p. 1). 
Directive  2009/65/EC  of  the  European  Parliament  and  of  the  Council  of  13  July  2009  on  the 
coordination  of  laws,  regulations  and  administrative  provisions  relating  to  undertakings  for  collective 
investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32). 

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(3) 

(4) 

(5) 

(6) 

Commission  Delegated  Regulation  (EU)  2017/65313  supplements  Regulation  (EU) 
No 1286/2014  by  laying  down  regulatory  technical  standards  with  regard  to  the 
presentation,  content  and  standard  format  of  the  KID,  the  methodology  for  the 
presentation of risk and reward and the calculation of costs, as well as the conditions 
and minimum frequency for reviewing the information contained in the KID and the 
conditions on providing the KID to retail investors. 

On  [OJ  Please  insert  the  date],  the  Commission  adopted  Commission  Delegated 
Regulation  (EU)  …/202114,  amending  Delegated  Regulation  (EU)  2017/653,  inter 
alia, to make it easier for management companies, investment companies, and persons 
advising  on,  or  selling,  units  of  UCITS  and  non-UCITS  to  make  use  of  the 
presentation,  content  and  standard  format  of  the  KID.  The  date  of  application  of 
Delegated  Regulation  (EU)  …/2021,  however,  has  been  set  on  1  July  2022  to  give 
those  management  companies,  investment  companies,  and  persons  advising  on,  or 
selling, units of UCITS  and non-UCITS  sufficient  time to  prepare for the  end of the 
transitional  arrangement  and  thus  for  the  obligation  to  draw  up  a  KID.  Because  the 
date of application of Delegated Regulation (EU) …/2021 has been set on 1 July 2022, 
and  because  it  is  necessary  to  ensure  that  the  end  of  the  transitional  arrangement 
coincides  with  the  date  of  application  of  Delegated  Regulation  (EU)  …/2021,  it  is 
necessary to extend the duration of the transitional arrangement by six months, that is 
until 30 June 2022. 

Regulation (EU) No 1286/2014 should therefore be amended accordingly. 

Given the very short period left until the original end of the transitional arrangement, 
this Regulation should enter into force without delay, 

HAVE ADOPTED THIS REGULATION: 

In Article 32(1) of Regulation (EU) No 1286/2014, the date ‘31 December 2021’ is replaced 
by ‘30 June 2022’. 

Article 1 

This  Regulation  shall  enter  into  force  on  the  day  following  that  of  its  publication  in  the 
Official Journal of the European Union. 

Article 2 

This Regulation shall be binding in its entirety and directly applicable in all Member States. 

Done at Brussels, 

For the European Parliament 
The President 

For the Council 
The President 

13 

14 

Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing Regulation (EU) No 
1286/2014 of the European Parliament and of the Council on key information documents for packaged 
retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards 
with  regard  to  the  presentation,  content,  review  and  revision  of  key  information  documents  and  the 
conditions for fulfilling the requirement to provide such documents (OJ L 100, 12.4.2017, p. 1). 
OJ C […], […], p. […]. 

EN 

8 

  EN