On 1 June 2021, HM Treasury announced that the current exemption for UCITS funds from the requirements of the Packaged Retail Investment and Insurance-based Products (PRIIPs) Regulation will be extended by five years to 31 December 2026. HM Treasury intends to legislate to extend the exemption. This legislation will be made under a power HM Treasury was granted in the Financial Services Act 2021 to extend the current exemption by five years if required.