| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | L 455, Pages 15-17 |
| Publication Date | 20/12/2021 |
| Content Type | Legislation, Policy-making |
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Summary: Directive (EU) 2021/2261 - adopted by the European Union on 15 December 2021 - introducing amendments to Directive 2009/65/EC concerning the use of key information documents (KIDs) by management companies of undertakings for collective investment in transferable securities (UCITS). This is a text with EEA relevance. Further information: Directive 2009/65/EC lays down uniform rules on investment funds, allowing the cross-border offer of investment funds regulated at EU level. It also sets out the EU's main regulations governing UCITS. According to this Regulation, each undertaking must provide key investor information. Regulation (EU) No 1286/2014 requires manufacturers of packaged retail and insurance-based investment products (PRIIPs) to draw up and publish a KID for that product. UCITS qualify as PRIIPs. An exemption was laid out for stakeholders advising on, or selling, units of UCITS until 31 December 2021. Regulation (EU) 2021/2259 delayed the end of that transitional arrangement. The key investor information and the key information documents cover essentially the same information requirements. It therefore became necessary to ensure that retail investors in PRIIPs interested in acquiring units of UCITS do not receive both documents for the same financial product after the expiry of the transitional arrangement. In addition, for investors other than retail investors, investment companies and management companies should continue to draw up key investor information in accordance with Directive 2009/65/EC, unless they decide to draw up a KID as set out in Regulation (EU) No 1286/2014. A draft law tabling the necessary amendments was put forward by the European Commission on 15 July 2021. The co-legislators adopted the proposed Directive on 15 December 2021, which was published in the Official Journal on 20 December 2021. |
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| Source Link | Link to Main Source http://data.europa.eu/eli/dir/2021/2261/oj |
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| Subject Categories | Business and Industry |
| Subject Tags | Consumer Rights | Protection, Financial Services |
| Keywords | Free Movement of Capital |
| International Organisations | European Union [EU] |
