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ARTICLE · 17 JANUARY 2018

Do AIFs Need To Produce A PRIIPs KID?

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A retail investor under PRIIPs is any investor who is not classified as a "professional client" under MiFID II.

IrelandFinance and Banking
Stephen Carty
Stephen Carty
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The PRIIPs Regulation (EU Regulation 1286/2014, "PRIIPs") requires that investment funds which are made available to "retail investors" within the EU must provide such investors with a Key Information Document ("KID") in advance of an investment being made.

UCITS are exempt from PRIIPs until 1 January 2020, but Alternative Investment Funds ("AIFs") are within scope from 1 January 2018.

A retail investor under PRIIPs is any investor who is not classified as a "professional client" under MiFID II. Therefore, as clarified recently in the Central Bank's AIFMD Q&A, any Irish authorised AIF which, from 1 January 2018, continues to make its shares available to any such retail / non-professional clients in the EU will need to produce a KID for these investors.

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