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.
