PRIIPS: postponement of the UCITS exemption

In accordance with Article 32 (1) of the PRIIPS Regulation, IFMs and persons advising on, or selling, units of UCITS and non-UCITS which issue a UCITS KIID currently benefit from a transitional arrangement exempting them from complying with the PRIIPS Regulation ("UCITS Exemption") until 31 December 2021. On 15 July 2021, the EU Commission published a Proposal for a Regulation amending the PRIIPs Regulation, which aims to postpone the end of the UCITS Exemption to 30 June 2022. It is expected that the Regulation will become effective before year end.