Directive 2021/2261 - Amendment of Directive 2009/65/EC as regards the use of key information documents by management companies of undertakings for collective investment in transferable securities (UCITS) - Main contents
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Directive (EU) 2021/2261 of the European Parliament and of the Council of 15 December 2021 amending Directive 2009/65/EC as regards the use of key information documents by management companies of undertakings for collective investment in transferable securities (UCITS)| Legal instrument | Directive |
|---|---|
| Number legal act | Directive 2021/2261 |
| Original proposal | COM(2021)399  |
| CELEX number i | 32021L2261 |
| Document | 15-12-2021; Date of signature |
|---|---|
| Publication in Official Journal | 20-12-2021; OJ L 455 p. 15-17 |
| Signature | 15-12-2021 |
| Effect | 21-12-2021; Entry into force Date pub. +1 See Art 3 |
| End of validity | 31-12-9999 |
| Transposition | 30-06-2022; Adoption See Art 2.1 01-01-2023; Application See Art 2.1 |
20.12.2021 |
EN |
Official Journal of the European Union |
L 455/15 |
DIRECTIVE (EU) 2021/2261 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 15 December 2021
amending Directive 2009/65/EC as regards the use of key information documents by management companies of undertakings for collective investment in transferable securities (UCITS)
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 53(1) thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Economic and Social Committee (1),
Acting in accordance with the ordinary legislative procedure (2),
Whereas:
(1) |
Article 78 of Directive 2009/65/EC of the European Parliament and of the Council (3) requires investment companies and management companies to draw up a short document containing key information about the essential characteristics of undertakings for collective investment in transferable securities (UCITS) offered to investors (‘key investor information’), so that those investors are reasonably able to understand the nature and the risks of the UCITS that is being offered to them and, consequently, to take investment decisions on an informed basis. |
(2) |
Regulation (EU) No 1286/2014 of the European Parliament and of the Council (4) requires manufacturers of packaged retail and insurance-based investment products (PRIIPs), before making a PRIIP available to retail investors, to draw up and publish a key information document (‘KID’) for that product in order to enable such retail investors to understand and compare the key features and risks of the PRIIP. |
(3) |
UCITS also qualify as PRIIPs, for which a KID is required pursuant to Regulation (EU) No 1286/2014. Article 32(1) of that Regulation, however, exempts management companies as defined in Article 2(1), point (b), of Directive 2009/65/EC, investment companies as referred to in Article 27 of that Directive and persons advising on, or selling, units of UCITS as referred to in Article 1(2) of that Directive from the obligations laid down in that Regulation, and thus from the requirement to produce a KID, until 31 December 2021 (‘the transitional arrangement’). |
(4) |
Commission Delegated Regulation (EU) 2017/653 (5) supplements Regulation (EU) No 1286/2014 by laying down regulatory technical standards with regard to the presentation, content and standard format of the KID, the methodology for the presentation of risk and reward and for the calculation of costs, the conditions and minimum frequency for reviewing the information contained in the KID, and the conditions for providing the KID to retail investors. |
(5) |
On 7 September 2021, the Commission adopted a Delegated Regulation amending the regulatory technical standards laid down in Delegated Regulation (EU) 2017/653 as regards the underpinning methodology and presentation of performance scenarios, the presentation of costs and the methodology for the calculation of summary cost indicators, the presentation and content of information on past performance and the presentation of costs by PRIIPs offering a range of options for investment and alignment of the transitional arrangement for PRIIP manufacturers offering units of funds referred to in Article 32 of Regulation (EU) No 1286/2014 as underlying investment options with the prolonged transitional arrangement laid down in that Article. The date of application of that Delegated Regulation is 1 July 2022, but it is important to reflect the need to give management companies, investment companies and persons advising on, or selling, units of UCITS and non-UCITS sufficient time to prepare for the end of the... |
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