Background
The EU Parliament and Council issued a proposal to amend the Cross Border Distribution Regulation (see article) in order to amend the existing Regulation (EU) 2014/1286 of the European Parliament and of the Council relating to the key information documents for packaged retail and insurance based investment products (“PRIIPs Regulation”). The amendment pushes back the UCITS exemption to produce the PRIIPs key information document (KID) to 31 December 2021.
CSSF updated Q&As.
In light of the above, the CSSF has recently published an updated version of its FAQ on UCITS and FAQ on AIFMs, in order to anticipate the extension of the exemption to produce a PRIIPs KID for UCITS and AIFs which produce a UCITS like KIID (Key Investor Information Document).
According to the existing PRIIPs Regulation, manufacturers of Luxembourg UCITS need to have in place a PRIIPs KID as of 1 January 2020, or later, if the period of exemption provided for in article 32(1) of the PRIIPs Regulation is extended to a later date. Until such date, the Luxembourg UCITS will be exempt from the obligation of the PRIIPs Regulation in conformity with article 32(1) of such regulation.
In addition, said FAQ on UCITS clarifies that the notification of the final form of the PRIIPs KID is not mandatory but may be requested on a case-by-case basis by the CSSF. As stated in the CSSF’s FAQ on AIFMs, the same rule applies to Luxembourg AIFs having issued such UCITS like KIIDs.
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