New PRIIPs template EPT V2.1
To reflect the UK PRIIPs regime and the recent FCA amendments, FinDaTex has updated the European PRIIPs Template (EPT). The new version EPT V2.1 is under public consultation until 19 August 2022. Besides, the transition period for the implementation of the revised PRIIPs RTS has begun.
The EU PRIIPs Regulation
As mentioned in our insights post, the Financial Data Exchange Templates (FinDatEx) platform published the final version of the European PRIIP Template Version (EPT) V2.0 on 8 February 2022.
The EPT V2.0 is intended to be used for products sold from January 2023 onwards and the first publication is expected in August 2022.
Asset managers and insurance companies, operating in the EU, have to implement the new PRIIPs RTS by the end of 2022 at the very latest:
- Asset managers have to transition from the UCITS KIID to the PRIIPs Key Information Documents (KIDs).
- Insurers have adapt their Specific Information Documents (SIDs) to the new EPT version.
The Brexit factor
While financial market participants have been revisiting their production processes to comply with the new PRIIPs RTS scheduled for 1 January 2023, the Financial Conduct Authority (FCA) confirmed changes to the PRIIPs regulation for UK. Thus confirming that the UK is deviating from EU regulations following Brexit.
On 25 March 2022, the FCA published its finalised amendments to the UK PRIIPs regime (PS22/2). The changes follow proposals on which a consultation was held in July 2021 to address key concerns identified through a call for input.
Template update EPT V2.1 for both the EU and the UK
To deal with the new UK PRIIPs regime amended by the FCA in March 2022, the FinDatEx PRIIPs technical working group (TWG) has updated the European PRIIPs Template. The FinDatEx TWG considered different options about how to integrate the new UK PRIIPs regime. They finally opted for a single template integrating both markets. The EPT V2.1 include now an additional section (08xxx) required for the UK market.
What happens next?
The new EPT V2.1 is now under public consultation until 19 August 2022. It is intended to be used for products sold in both the EU and the UK from January 2023.
How can IDS help?
Our PRIIPs Service ensures that you are compliant with the latest PRIIPS regulation changes.
