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The aim of the PRIIPs (Packaged Retail Investment and Insurance-based Products) European regulation is to standardise pre-contractual information regarding packaged financial products (investment funds, derivatives, life insurance-based investment products, etc.) offered to non-professional investors (as defined by MiFID II).

The Regulation requires the product manufacturer to produce a standardised “Key Information Document” (KID) containing the necessary basic information to enable retail investors to understand the product (whether it is a financial, banking or insurance product), and to compare products.

Regulation (EU) 2019/1156 of 20 June 2019, which supplements the Directive (EU) 2019/1160 of 20 June 2019, extends the KID PRIIPs exemption for UCITS funds until 31 December 2021.

European Commission Regulation (EU) 2019/1866 of 3 July 2019 extends the KID PRIIPs exemption for UCITS funds until 31 December 2021.

This Regulation now confirms that the extension of the UCITS derogation until 31 December 2021 also applies to non-UCITS funds (AIFs).

The text gave the European Commission until the end of 2019 to revise the PRIIPs Regulation. The consultation on the amendments to the Regulation was published on October 16th 2019.

Main provisions

The products concerned are:

However, the following are exempt from producing a PRIIPs KID until 31 December 2019:


The European Parliament's Committee on Economic and Monetary Affairs of 3 December 2018 on the cross-border distribution of funds approved a two-year extension of the exemption for UCITS provided for in the PRIIP Regulation.

This would postpone the implementation of KID PRIIPs for management companies until the end of 2021.

Note: funds that do not currently have the obligation to publish a DICI must already have set up a PRIIPs KID (in particular foreign retail AIFs).

Challenges and opportunities for AIFMs:

Major impacts

There are a number of differences between the PRIIPs KID and the UCITS KIID:


The CACEIS services range will be adapted according to progress in discussions between the European bodies, in particular with the RTS as finally determined and accepted by the European Parliament.

The range will include, in particular:

More information

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Key dates

  • July 2012

    European Commission proposal for a European regulation on key information documents for investment products.

  • 26 November 2014

    Adoption of the PRIIPs Regulation by the Council and the European Parliament.

  • 1 September 2016

    Rejection of the level 2 RTS (Regulatory Technical Standards) by the European Parliament’s Committee on Economic and Monetary Affairs (ECON).

  • 14 September 2016

    Validation of the rejection of the RTS by the European Parliament.

  • 9 November 2016

    Commission proposal to postpone the application date of the PRIIPs Regulation for one year

    Commission's press release
  • 1 December 2016

    Vote by the European Parliament in favour of a postponement until 1 January 2018.

  • February 2017

    Publication of the revised RTS

  • 1 January 2018

    Entry into force of the PRIIPs Regulation 

  • 20 June 2019

    Publication of Directive (EU) 2019/1160 of the European Parliament and the Council

    Directive (EU) 2019/1160
  • 20 June 2019

    Publication of Regulation (EU) 2019/1156 of the European Parliament and of the Council

    Regulation (EU) 2019/1156
  • 21 July 2020

    European supervisors reject the RTS project

  • 3 February 2021

    Adoption by European supervisors of draft RTS paving the way for adoption by the Commission within a year

  • 10 May 2021

    Letter from Mairead McGuiness confirming the postponement of the PRIIPs RTS and the extension of the UCITS exemption

  • 15 July 2021

    Publication of the « Quickfix » amending the PRIIPs regulation

  • 7 September 2021

    Publication of new PRIIPs RTS

  • October 2021

    Conclusion of the trilogues endorsing the postponement of the application of the RTS and the extension of the UCITS exemption

  • 21 October 2021

    European Commission public consultation on the review of the PRIIPs Regulation (ended on 16 December 2021)

  • 23 November 2021

    Adoption of the text by the European Parliament in plenary session.

  • 31 December 2022

    End of extension of UCITS exemption

  • 1 January 2023

    Application of PRIIPs RTS

Important information – CACEIS’ corporate identity is currently being used to sell fraudulent term deposit products. CACEIS has nothing to do with such offers and does not even sell investment products. Please be vigilant and avoid becoming the victim of this type of fraud.