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European Commission considers to extend the exemption period of UCITS KIID following the postponement of new PRIIPs RTS

As anticipated, the European Commission published a consultation paper on 15 July 2021 requesting to extend the exemption period for the UCITS KIID until 30 June 2022.

This request is justified by the fact, that the current deadline of 31 December 2021 (Article 32(1) of Regulation (EU) No 1286/2014 of PRIIPs) will be impossible to meet. Due to the new methodology for performance scenarios, changes to transaction costs and presentation of costs, look-through requirements and many more – The amount of work required to be compliant would just not fit into such a short time.

Needless to say, IT systems need to be extensively adapted before the deadline, as this regulation affects many areas, such as a significant change in MiFID Target Market (in most cases, the risk of the UCITS will change on the 1 to 7 scale).

Already on 03 February 2021, the ESAs submitted their drafts for the new PRIIPs RTSs. This amendement, which was originally scheduled to come into force on 01 January 2022, is also expected to be postponed to 01 July 2022 – aligned with the new expiry date of the UCITS exemption. This will allow the implementation of the new PRIIPs RTS and the move of UCITS into PRIIPs in one combined delivery.

The new timeline facilitate the transition of UCITS KIID to PRIIPs KID and gives the industry more room to be ready for the PRIIPs version 2. Due to the extensive processes involved, it is advisable to tackle the conversions early on.

The acarda platform for regulatory reporting already covers the new calculation methods for performance, risk and costs. Our clients only need to provide raw data such as portfolio composition, transactions, fund data and descriptions. Our experts take care of all further steps necessary for the implementing the PRIIPs reform.

 

We will be happy to advise you on more details

Press contact
Jessica Schreiner

Phone:+49 15 25 47 62 361
Email: jessica.schreiner@acarda.de

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New standards for PRIIPs-KIDs as of July 01, 2022

According to information from the German Investment and Asset Management Association (BVI) dated May 21, 2021, the EU Commission plans to delay the start of PRIIPs-KIDsby six months. A package of measures, which will include not only technical adjustments to Level 2 but also a selective amendment to the Level 1 Regulation, is to be forwarded by the EU Commission to the EU Parliament and Council before the end of June 2021.

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ESMA updates its FAQs on AIFMD

On 28th May 2021, ESMA published an update on its FAQ on the application of the Alternative Investment Fund Managers Directive (AIFMD).
Three new questions related to Annex IV reporting were added to the document. In the Section III question number 84, 85 and 86, ESMA provided detailed explanations and examples on the reporting obligation of NET DV01, NET CS01 and NET Equity Delta of the AIF.

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European Commission considers to extend the exemption period of UCITS KIID following the postponement of new PRIIPs RTS

As anticipated, the European Commission published a consultation paper on 15 July 2021 requesting to extend the exemption period for the UCITS KIID until 30 June 2022.

More

CRR II: new reporting regulation from July 2021. What to consider now.

By the end of June 2021 the updated Capital Requirement Regulation (CRR II) came into force. The goal of the EU regulation is to introduce a more risk-sensitive framework for management credit risks. One of the key outcomes of CRR II will be a stricter client reporting and disclosure regime.

More

New standards for PRIIPs-KIDs as of July 01, 2022

According to information from the German Investment and Asset Management Association (BVI) dated May 21, 2021, the EU Commission plans to delay the start of PRIIPs-KIDsby six months. A package of measures, which will include not only technical adjustments to Level 2 but also a selective amendment to the Level 1 Regulation, is to be forwarded by the EU Commission to the EU Parliament and Council before the end of June 2021.

More

ESMA updates its FAQs on AIFMD

On 28th May 2021, ESMA published an update on its FAQ on the application of the Alternative Investment Fund Managers Directive (AIFMD).
Three new questions related to Annex IV reporting were added to the document. In the Section III question number 84, 85 and 86, ESMA provided detailed explanations and examples on the reporting obligation of NET DV01, NET CS01 and NET Equity Delta of the AIF.

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