At the beginning of June, HM Treasury confirmed in a press release that UCITS (Undertakings for the Collective Investment in Transferable Securities) funds will continue to be exempt under the UCITS Directive until 31 December 2026. 

In essence, this means that UCITS funds could still provide key investor information documents (KIIDs), as required by the UCITS Directive. In the EU, the same exemption is set to expire on 31st December 2021. The announcement of a short extension is expected, most probably 6 months. 

However, HM Treasury is about to review the UK disclosure regime which could lead to changes to the UK PRIIPs Regulation to be introduced sooner than 2026. Should this happen, HM Treasury will ensure the transition is smooth for all retail investment product providers.


This is the UK’s first significant deviation from EU rules since Brexit and could well result in a marked increase of work for firms managing cross-border funds. They may have to produce separate disclosure documents from 1st July 2022; one UCITS KIID for UK investors and another PRIIPs KID for their counterparts in the EU. 

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