PRIIPs - FCA delays implementation of changes to UK PRIIPs RTS
The FCA has pushed back publication of its final rules and changes to the UK PRIIPS regime (including the application date and any implementation period).
What’s new?
On 1 November 2021, the FCA indicated a delay in publication of the Policy Statement that will set out the scope of rules and changes to the UK PRIIPs RTS. This will now be published in Q1 2022.
As a result, changes to UK PRIIPS KIDs will not need to be made by 1 January 2022.
What’s the background?
The FCA had intended its UK PRIIPs regime to apply from 1 January 2022, however it now feels that it requires more time to “consider further the implementation date of the new requirements.” This is due to the feedback received from the industry on the short timing of the intended implementation date.
What happens next?
The Policy Statement, which is now due to be published in Q1 2022, will contain the final rules and confirm the date from which they will take effect, outlining the implementation period.
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