Recital 1

(1)Regulation (EU) No 1286/2014 lays down uniform rules on the format and content of the key information document to be drawn up by PRIIP manufacturers and on the provision of the key information document to retail investors in order to enable retail investors to understand and compare the key features and risks of the PRIIP. However, pursuant to Article 32(1) of that Regulation, management companies as defined in Article 2(1), point (b), of Directive 2009/65/EC of the European Parliament and of the Council ² , investment companies as referred to in Article 27 thereof and persons advising on, or selling, units of UCITS as referred to in Article 1(2) thereof were exempt from the obligations under that Regulation until 31 December 2021. When a Member State applies rules on the format and content of the key information document, as laid down in Articles 78 to 81 of Directive 2009/65/EC, to non-UCITS funds offered to retail investors, the transitional arrangement laid down in Article 32(1) of that Regulation applies to management companies, investment companies and persons advising on, or selling, units of such funds to retail investors. Regulation (EU) 2021/2259 of the European Parliament and of the Council ³ amended Regulation (EU) No 1286/2014 to extend that transitional arrangement until 31 December 2022.