PRIIPS: CSSF FAQ And ESAs Q&A Updates

CSSF FAQ: Update

On 14 August 2018, the CSSF updated its FAQ on the AIFM Law (Question 23 b) and its FAQ on non-AIF SICARs and non-AIF SIFs in order to reflect the possibility for those investment structures to produce a UCITS KIID and to benefit from the temporary exemption from the obligation to comply with the PRIIPs Regulation.

The PRIIPs Law indeed allows SICARs and UCIs other than UCITS to establish a KID in the UCITS format (i.e. not a PRIIPs KID but a UCITS KIID), provided that this KID expressly states that the SICAR or UCI, as applicable, does not qualify as a UCITS. In this case, and in the absence of any contrary position taken by the competent authorities of any host Member States where a Luxembourg SICAR or UCI would be marketed, the PRIIPs manufacturer is exempt from the obligations stated in the PRIIPs Regulation.

Pursuant to the provisions of the PRIIPs Regulation, this exemption will be valid until 31 December 2019, subject to an extension of this transitional regime by the EU authorities.

PRIIPS Q&A ESAs

In July 2018, the European Supervisory Authorities ("ESAs") updated their Q&A on the PRIIPs KID. According to the newly added questions:

As regards the publication of the KID: the KID must be published on the public section of the website of the PRIIPs manufacturer in order to ensure its widespread dissemination and availability. As regards the performance scenarios of a PRIIP for which the recommended holding period ("RHP") is less than...

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