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)

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.