New PRIIPs KIDs by 2023
(First version of this text was published 2021-03-20 but have been updated as EU Regulatory changes have been published).
There was a temporary exemption until 2023 for UCITS investment funds to have to produce so-called PRIIPs KIDs documents.
PRIIPs means “Packaged Retail and Insurance-based Investment Products“ and KIDs stands for “Key Investment Documents”.
UCITS investment funds now also have to make PRIIP KIDs available for their distributors.
Until 2023 UCITS funds produced another (much simpler) document called a UCITS KIID document.
For marketing to retail investors the (old) UCITS KIIDs documents are now replaced entirely by the new PRIIPs KIDs 2023 documents.
PRIIPs manufacturers, including AIF funds, that have been producing the first generation PRIIPs KIDs (“PRIIPs 2018”) have also upgraded to the PRIIPs KIDs 2023.
For distribution to investors other than retail investors, investment companies and management companies can continue to produce the old UCITS KIID document, unless they choose to produce the newest PRIIP KID 2023 instead - we recommend this.
The intention with these information documents is to ensure that retail investment clients have a reasonable basis to understand what they are investing their money into i.e. to protect and inform retail investment clients; help retail investors to compare different products and to understand product features.
The EU further intends to create an equal level playing field for the investment product manufacturers and those advising on, or selling, these PRIIP products by creating uniform rules on transparency across the EU (EFTA countries are expected to follow these rules too, possibly with some delay; the UK is currently sticking with the old UCITS KIID documents).
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Qvonto has a complete and automated ready-to-use 24/7 cloud solution for PRIIPs manufactures & distributors for the full production of highest quality final PRIIPs KIDs in 2023 regulatory version (and we also supply UCITS KIIDs documents).
The Qvonto Regulatory SaaS cloud solution is easy-to-use through a standard browser web-application, and all data handling, analytical calculations, ongoing maintenance, and daily monitoring of the PRIIPs II KIDs is automatically done - very little to spend time on for your business! Onboarding of new clients can be done in days, and once up-and-running new legal entities can be added within the day.
Qvonto helps to make the transition smoothly for the UCITS Funds, AIF Funds and other PRIIPs manufacturers. Built for the highest demands!
