The PRIIPs Regulation provides a temporary exemption for management and investment companies and persons advising on, or selling, UCITS from the obligation to produce and provide a PRIIPs KID (Article 32 of the PRIIPs Regulation). For such funds, a KIID is currently provided to investors in accordance with the UCITS Directive. This exemption was originally due to expire on 31 December 2019.

In the autumn of 2018, the ESAs initiated a targeted review of the PRIIPs Delegated Regulation. This was in view of the expected end of the exemption for UCITS at the end of 2019, and to address priority issues that had arisen since the application of the PRIIPs Regulation at the beginning of 2018.

While the ESAs were consulting on these amendments, discussions were initiated between the colegislators to extend the exemption for UCITS until 31 December 2021. Once this extension was agreed, the ESAs decided that it would be more appropriate to undertake a more comprehensive review of the PRIIPs Delegated Regulation taking into account the additional two years before UCITS would be required to produce a PRIIPs KID [The Final Report to the public consultation was published on 8 February 2019 (JC 2019 6.2) (hereinafter "February 2019 Final Report").].