CSSF clarifies UCITS/AIFs procedures for annual updates of KIDs/KIIDs

The CSSF has clarified its expectations about the process UCITS/AIFs must follow for the annual update of their Key Information Document (KID) or Key Information Investor Document (KIID)

29/12/2023

Reading time: 4 minutes.

On 28 December 2023, the CSSF clarified the process to be followed by UCITS/AIFs when submitting the annual update of their KIDs or KIIDs. The CSSF issued the clarification via updated versions of its FAQ on the UCI Law and its FAQ on the AIFM Law.

For UCITS that prepare a KID in compliance with the PRIIPs Regulation, the CSSF expects an update of the KID:

  • Every 12 months in the form of a general annual update. UCITS are not bound by a specific yearly timeline, which means that the 12 months timeline starts on the date of the last version of the PRIIPs KID.

The CSSF recommends, however, and perceives it as good practice to prepare and submit the general update within 35 business days after 31 December of each year.

  • The CSSF is of the opinion that the website or document where past performance of the UCITS is reported must be updated within 35 business days after 31 December of each year, unless the PRIIP manufacturer has chosen to include the past performance data in the PRIIPs KID itself in which case the latter needs to be updated and submitted to the CSSF within such same period of time.

For AIFs that prepare a KID, the CSSF also expects an update every 12 months in the form of a general annual update but AIFs are not bound by a specific yearly timeline, which means that the 12 months timeline starts on the date of the last version of the PRIIPs KID.

The rules applicable to the annual UCITS KIID update remain unchanged.

How can we help?

Arendt has a dedicated KID/KIID team and can assist with all legal and regulatory matters in this area.

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To access the CSSF FAQ on the UCI Law, please click here_
To access the CSSF FAQ on the AIFM Law, please click here_

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Corinne Prinz

Partner

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Alexandre Brajou

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