On 28 December 2023, the Commission de Surveillance du Secteur Financier (the "CSSF") has updated the following FAQs with respect to PRIIPs KIDs:
- FAQ concerning the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment; and
- FAQ concerning the Luxembourg Law of 12 July 2013 on alternative investment fund managers.
The CSSF has provided the following clarifications:
- In accordance with Article 15 of the Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs), PRIIPs manufacturers are only required to review the information contained in the PRIIPs KID at least every 12 months following the date of the initial publication of the PRIIPs KID without providing for a specific yearly timeline for such annual update;
- UCITS PRIIPs manufacturers are encouraged by the CSSF to annually update their UCITS PRIIPs KIDs and to subsequently file such documents with the CSSF within 35 business days after 31 December of each year; and
- For UCITS, the website or document where past performance is made available shall be updated within 35 business days after 31 December of each year. However, should the PRIIPs manufacturer choose to include past performance data within the PRIIPs KID itself, this document must be updated and filed with the CSSF within the same timeframe.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.