By Jad Soubra
On 14 July 2022, the FCA updated its webpage on rules that apply to firms and fund operators in the temporary permissions regime (“TPR”).
The FCA has clarified that, in the UK, the exemption from the requirement for EEA UCITS to produce a PRIIPS key information document (“KID”) will be in place until 26 December 2026. The regulator also confirmed that this exemption applies to both EEA UCITS recognised under s272 FSMA as well as those recognised under the temporary marketing permissions regime (“TMPR”). This means that, when being marketed to UK retail investors, EEA UCITS recognised under either s.272 FSMA or the TMPR must produce a UCITS key investor information document (“KIID”).
Additionally, the FCA noted that the TMPR is due to end on 31 December 2025 and that the regulator is engaging with the Treasury on the disclosure requirements that would apply in the event of an equivalence decision under the Overseas Funds Regime.
For further updates on the UK funds regime and financial services more generally, please click here.