Legal Updates

The 1 January 2023 deadline for the introduction of the PRIIPs Key Information Document is looming, and it is anticipated that most UCITS will move to preparing the PRIIPs KID.

The purpose of this email is to highlight the implications of this change in documentation and associated filing requirements for registrations in foreign markets in which a UCITS may be registered.

Host regulators may each determine whether they will require the PRIIPs KIDs to be filed. To date most regulators have been silent on this point, in which case we recommend that the PRIIPs KID be filed with the host regulator, as would have been the case for the UCITS KIID. The overriding requirement to make the translated (where applicable) PRIIPs KID available to investors prior to any investment applies irrespective of whether the KID is required to be filed with the regulator in the relevant jurisdiction.

There are also a number of knock-on changes that must be considered as a result of the change to PRIIPS KID. In certain jurisdictions you will need to engage local counsel to update documentation in advance to ensure updated documents are in place prior to 1 January 2023. In particular, funds registered in Italy (retail), Portugal, Singapore and Switzerland will require local documentation updates as a result of the change to the PRIIPs KID. As we have previously advised in earlier briefings, the UCITS KID will continue to be required for the UK market.

We strongly recommend that you consult with the fund registration team and/or local counsel to prepare any documentation to reflect the changes as may be required.

We expect that translation companies will be extremely busy because of the standardised deadline for the introduction of the PRIIPs KID and this should be factored into the timing of the availability of the KIDs for each jurisdiction.

If you have any questions please contact any member of the fund registrations team at fundregistrations@dilloneustace.ie or your usual Dillon Eustace contact.