On 24 June 2022, the European Commission published in the Official Journal of the EU the Commission Delegated Regulation (EU) 2022/975 adopted by the Commission on 17 March 2022 and endorsed by the co-legislators following a scrutiny procedure that ended on 17 June 2022 (the “Delegated regulation”).
The Delegated regulation concerns the application date of new rules for the Key Information Document (KID) for packaged retail and insurance-based investment products (PRIIPs).
The Delegated regulation:
- postpones the application date of certain PRIIPs-related disclosures to 1 January 2023 (instead of 1 July 2022 as initially foreseen in the Commission Delegated Regulation (EU) 2021/2268);
- prolongs the application of Article 14(2) of Commission Delegated Regulation (EU) 2017/653 until 31 December 2022 (instead of 30 June 2022 as initially foreseen in the Commission Delegated Regulation (EU) 2021/2268). Article 14(2) allows PRIIP manufacturers to use the key investor information document drawn up in accordance with the UCITS Directive (Directive 2009/65/EC) to provide specific information required pursuant to Regulation 2017/563 where at least one of the underlying investment options is a UCITS or non-UCITS.