The ESAs initiated this review of the PRIIPs Delegated Regulation with the following principal aims:

• Allow the appropriate application of the PRIIPs KID by UCITS and relevant non-UCITS funds [The exemption also applies to non-UCITS funds in Member States which extend the application of UCITS rules on the format and content of the UCITS key investor information to non-UCITS made available to retail investors (Article 32(2) of the PRIIPs Regulation).], subject to the end of the temporary exemption of such funds from the requirements of the PRIIPs Regulation;

• Address the main regulatory issues that have been identified since the implementation of the PRIIPs KID in 2018 to those products that are currently in scope.

The proposals made in the consultation paper of 16 October 2019 follow a previous consultation paper of the ESAs in November 2018 (CP 2018 60), which had similar aims, but which proposed more targeted amendments to the PRIIPs Delegated Regulation. Based on the feedback received to that consultation (CP 2018 60), as well as based on the decision by the co-legislators to extend the exemption for UCITS, the ESAs decided in February 2019 to defer their review and launch a public consultation on more substantive changes later in 2019.