What is a UCITS KIID?
What is a UCITS KIID and what is it used for? The Key Investor Information Document (KIID) is a 2- or 3-page summary document detailing a fund’s charges, risk & reward profile, past performance and the overall objectives and investment policy.
What is a KIID?
Investors’ Guide to the Key Investor Information Document (KIID) The KIID is a two-page ‘fact-sheet’ style document which includes the critical information about a fund. The document aims to help investors understand the nature and key risks of the fund in order to make a more informed investment decision.
When must a KIID be provided?
The KIID must be published no later than 35 business days after 31 December each year with updated performance data. The UCITS must establish procedures to ensure that the charges figures disclosed in the KIID are kept under regular review. The accuracy of the ongoing charges must be reviewed at least annually.
What is the difference between kid and Kiid?
What is the difference between a KIID and a PRIIPs KID?? Simply put, KID is a simplified version of KIID. Both KIID and KIDs (Key Information Documents) are documents designed to help investors to understand investment products behaviour and support comparison with other similar investment products.
Does PRIIPs apply to UCITS?
Undertakings for the Collective Investment in Transferable Securities (UCITS) funds are currently exempted from the requirements of the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation.
Are UCITS PRIIPs?
PRIIP-KIDs are finally coming into effect for UCITS products on 1 July 2022 and all investment and management companies of UCITS products will be required to produce PRIIP-KIDs for all their sub-funds that are distributed to retail investors at share class level.
Who does PRIIPs apply to?
The PRIIPs Regulation will affect any person that offers a ‘packaged retail investment product’ to retail investors—i.e., non-professional clients within the meaning of MiFID II Directive 2014/65/EU, including, for the avoidance of doubt, high-net-worth individuals and their investment vehicles).
What is Kiid risk score?
What is a KIID risk rating? The ‘Risk reward profile’ section of the KIID provides information and warnings about the risks of the fund. The rating is based on the volatility of the fund over the past five years, so the more volatile the fund, the higher the risk rating will be.
Does an AIF need a KIID?
What is the key requirement of the PRIIPs regime? Before an AIF is “made available” to EEA retail investors, a key information document (KID) for the AIF must be drawn up by the manufacturer of the product (eg the AIFM) and published on its website.
Is a UCITS a Priip?
Undertakings for collective investment in transferable securities (UCITS) meet the definition of a PRIIP. In this scenario it is the PRIIP manufacturer which will likely prepare the KID, it will expect SRI, performance scenarios and costs and charges to be delivered to it by the UCITS.
Does PRIIPs apply to UK?
The U.K. PRIIPs Regulation applies to manufacturers of PRIIPs that are or will be made available to retail investors in the U.K. and to firms advising on or selling PRIIPs. These entities are within scope regardless of whether their business involves the provision of regulated financial services activities.
What is PRIIPs regulation?
From 1 January 2018 the Packaged Retail and Insurance-based Investment Products Regulation (“PRIIPs Regulation”) will come into force which requires us to provide you with a pre-contractual Key Information Document. The main goal of the PRIIPs Regulation is to enhance investor protection standards for retail clients.
Where do I need to produce a KIID for UCITS?
For example local regulators in France, Switzerland and in the Netherlands require a KIID to be produced for funds that are not in scope of the UCITS regulation. KIID is above all a legal document.
When did UCITS IV replace simplified prospectus with KIID?
In an attempt to create a structure for the provision of easily understandable and engaging fund disclosures, Directive 2009/65/EC on UCITS IV and Commission Regulation 583/2010 has replaced the simplified prospectus with the Key Investor Information Document (KIID).
What is the UCITS IV key investor information document?
The UCITS IV Directive sets out the framework for the KIID, a stand-alone, pre-contractual, 2-page document containing the essential features of the fund and is to be systematically provided to investors before they decide to invest.
What is key investor information document ( KIID ) regulation?
What is a KIID? In an attempt to create a structure for the provision of easily understandable and engaging fund disclosures, Directive 2009/65/EC on UCITS IV and Commission Regulation 583/2010 has replaced the simplified prospectus with the Key Investor Information Document (KIID).