Country Manuals Products EU / EEA –
Dear client,
We would like to inform you that BRP has updated its COUNTRY MANUALS PRODUCTS for the following EU/EEA jurisdictions (OUT OF A THIRD COUNTRY and OUT OF EEA):
> ITALY
> LIECHTENSTEIN
> LUXEMBOURG
> MALTA
> NETHERLANDS
> NORWAY
> POLAND
> PORTUGAL
> SLOVAKIA
> SPAIN
> SWEDEN
| SOURCE OF CHANGES | ANSWERS |
| Law/Regulation | YES |
| New Position of the Authorities | NO |
| Evolution of Expert’s interpretation | NO |
Definitions & Concepts, Regulatory Overview and Behaviour Template
Regulatory changes
PRIIPs Regulation: End of UCITS exemption
- On 20 December 2021, in view of the end of the temporary exemption from the requirement to produce a PRIIPs Key Information Document (PRIIPs KID) provided for in art. 32(1) of the Regulation (EU) No 1286/2014 (“PRIIPs Regulation”), two pieces of legislation (“UCITS/PRIIPs quick fixes”) were published in the Official Journal of the European Union to prevent Retail Investors from receiving two different pre-contractual documents, i.e. a PRIIPs KID and a UCITS Key Investor Information Document “UCITS KIID):
- Regulation (EU) 2021/2259 amending PRIIPs Regulation to postpone the end of the UCITS exemption to 31 December 2022; and
- Directive (EU) 2021/2261 amending Directive 2009/65/EC (“UCITS Directive”) as regards the use of key information documents by management companies of undertakings for collective investment in transferable securities (“UCITS”).
In accordance with the relevant provisions:
- UCITS sold to or acquired by Retail Investors are required to produce a PRIIPs KID from 1 January 2023; and
- UCITS sold exclusively to Professional Investors will have the choice of producing either a UCITS KIID or a PRIIPs KID.
- Therefore, from 1 January 2023 onwards, any person advising on, or selling, a PRIIP (including UCITS investment funds) in the EU/EEA has to provide a PRIIPs KID to Retail Investors and either a UCITS KIID or a PRIIPs KID to Professional Investors.
Material changes
In line with the regulatory changes outlined above, the Country Manuals have been reviewed to ensure that the content of all the documents remains accurate and up to date. The changes/modifications in the relevant scenarios are as follows:
- The CM P BT now answers the question which product documentation must be provided on a mandatory basis for registered/not registered UCITS to Retail Investors with: “PRIIPs KID” and to Professional Investors with: “UCITS KIID or PRIIPs KID”.
For more information, please contact us: info@brpsa.com
Best regards,