scroll to explore

The applicability of Regulation (EU) No 1286/2014 on PRIIPs KID to funds and fund managers

Investment Funds & Asset Management

The applicability of Regulation (EU) No 1286/2014 on PRIIPs KID to funds and fund managers

by Ganado Advocates

13th January 2023

On 22^nd December 2022, the Malta Financial Services Authority (the “MFSA”) issued a circular on the applicability of Regulation (EU) No 1286/2014 (the “Regulation”) on Key Information Documents for Packages Retail and Insurance-based Investment Products (“PRIIPs”).

By way of background, on 1^st January 2018, the Regulation introduced the key information documents for PRIIPs (“PRIIPs KID”) for all packaged retail and insurance-based investment products made available to retail investors in the European Economic Area (EEA), in order to provide retail investors with the information necessary to make an informed investment decision. It provides that PRIIPs KIDs need to be simple enough for retail investors to assess and compare products, and thus must include, inter alia, (i) the nature and features of the product, including whether it is possible to lose capital, (ii) the costs and risk profile of the product, and (iii) relevant performance information.

Units in undertakings for collective investment in transferable securities (“UCITS”) and alternative investment funds (“AIFs”) constitute PRIIPs for the purposes of the Regulation. However, UCITS management companies and self-managed UCITS were exempt from the requirements of the PRIIPs Regulation through Directive 2021/2261 as regards the use of key information documents by management companies of UCITS. However, following the publication of Commission Delegated Regulation (EU) 2022/975 of 17 March 2022, as of 1 January 2023, the Regulation will also apply to UCITS management companies and self-managed UCITS who also offer PRIIPs to retail investors.

UCITS management companies, self-managed UCITS and where applicable alternative investment fund managers (AIFMs), and self-managed AIFs (collectively, the “Licence Holders”) are required to produce a PRIIPs KID as specified in the Regulation. This shall, in turn, be distributed to the retail investors in good time prior to entering into any contract. Licence Holders already offering PRIIPs to retail investors should file the PRIIPs KID with the MFSA within 35 business days of 1 January 2023. On the other hand, PRIIPs KIDs submitted as part of a new application should be submitted through the LH Portal together with all other application documents.

'Investment Funds & Asset Management' Related News Articles

Investment Funds & Asset Management

GRC in Malta: Independent Thinkers for Effective Board Governance

by Ganado Advocates

11th April 2024

ESG

GRC in Malta: Governance and ESG – Navigating the Intersection between Profit and Purpose

by Ganado Advocates

5th April 2024

Insurance & Reinsurance

BOV OFFERS MAPFRE MSV Life CAPITAL GUARANTEED AND INCOME PLANS

by Bank of Valletta

5th March 2024

Investment Funds & Asset Management

The applicability of Regulation (EU) No 1286/2014 on PRIIPs KID to funds and fund managers

'Investment Funds & Asset Management' Related News Articles

GRC in Malta: Independent Thinkers for Effective Board Governance

GRC in Malta: Governance and ESG – Navigating the Intersection between Profit and Purpose

BOV OFFERS MAPFRE MSV Life CAPITAL GUARANTEED AND INCOME PLANS

EU AML-CTF Package taking shape: Compromise text for AMLR and 6AMLD published

Stable Return Fund of SCM Sicav plc was selected among the best flexible funds at the Diaman Awards

CSP Rulebook Update

ESMA Consults on the ‘Classification of Crypto-Assets as Financial Instruments’ and ‘Reverse Solicitation’ under MiCA

Agreement reached on the proposed Anti-Money Laundering Regulation and Sixth Anti-Money Laundering Directive

Publication of Malta’s 2023 National Risk Assessment

MFSA Circular on the Newly Published Accountancy Profession Regulations, 2023 (Legal Notice 299 of 2023)

MFSA Launches Framework for Notified PIFs

MFSA launches Consultation Process covering Chapter 2 of the VFA Rulebook

MFSA publishes New Chapter 3 of the VFA Rulebook ahead of MiCA

The MFSA publishes Circular to VFA Service Providers on Updates to Chapter 3 of the VFA Rulebook

Keeping Tabs on Market Perception and Knowledge about Investments

Investing in Malta ¦ Startup Festival Malta

The Guaranteed Capital & Income Plan 2026 II now available from all BOV Branches, Investment Centres and Private Banking

The Crowdfunding Service Providers Act

New Guidance: Practical Guidance for Economic Operators: Detecting and Preventing Sanctions Evasion and Circumvention in Trade

The Virtual Financial Assets Framework: Non-Fungible Tokens Guidelines

ESG is here to stay as both the Asset Wealth Management and the policymakers seem set on an irreversible course of action

Member spotlight: Q Securities

Breach of contractual obligations emanating from an investment agreement

BOV Launches Investor Education Sessions

BOV Asset Management Limited launches the Global Multi-Asset Thematic 60 Fund managed by Fidelity International

MALTA COUNTRY ANALYSIS REPORT

INFOCREDIT GROUP AMONG THE SPONSORS OF MALTA FINANCIAL CRIME COMPLIANCE CONFERENCE 2023

BOV Offers MAPFRE MSV Life Capital Guaranteed Product

Member spotlight: Apex Group

Brussels forecasts 3.1% economic growth for Malta, second-highest in EU

Notified PIFs: Two Weeks to go until the end of the consultation period

The CJEU clarifies key issues on the adoption of enforcement measures in respect of sanctioned entities

Insight Newsletter – Issue 4 | 2022

BOV Asset Management named official representative of Fidelity International in Malta

BOV introduces a Voluntary Occupational Pension Scheme for its Staff

High calibre international speakers for FinanceMalta’s 15th Annual Conference

CJEU clarifies when dividend payments by fund managers must comply with the sound remuneration principles under AIFMD and UCITS Directive

Malta Asset Servicing Association – its journey and objectives

BOV appoints Kenneth Farrugia as new Chief Executive Officer

The future of financial services in Malta

STEP Malta Conference 2022

Member Spotlight: Elephant Tree Capital

What you need to know about private foundations in Malta.

Member Growth Story: Fexserv Fund Services

The Next Leap Forward: Succeeding through Change

The Business Cooperation on Blue Growth in Europe | May 10 – May 12, 2022

Creating Value from Emerging Trends in Business

Webinar: Whistleblower Protection

MiFID II ‘quick-fix’: A response to the Covid-19 pandemic and related disruptions

New EU Cross-Border Distribution of Funds Rules: Key Considerations for UCITS and AIFs and their Asset Managers

ESMA Guidelines on the application of the appropriateness assessment and execution-only requirements under MiFID II

Creditinfo awarded license as Malta’s first Credit Bureau

The MFSA Asset Management Strategy – Boosting a Key Sector

Malta Funds Industry Records Largest Percentage Growth in Europe | MFSA

Industry Insights: What’s Next for Asset Managers?

Member Spotlight – GAEL Fund Services: New addition to Malta’s Growing Fund Administration Hub

Several benefits for students with the BOV Club 2021

An overview of trade-based money laundering

Dr Katya Azzopardi wins the BOV Prize in Medicine for 2021

Bank of Valletta stages a revival in profitability

The role of Internal Audit within the AML Framework

Financing green energy investments

Digital Solutions can cushion the crisis and create opportunities

Banking on green with the BOV Energy Loans

BOV Chief Executive Officer Rick Hunkin re-elected Chairman of the MBA

SAXO Bank Chief Economist optimistic for recovery in Malta’s Trade, Transport and Tourism

MFSA: Guidance on IT related Arrangements

Regenerating the economy – a business webinar on the new Malta Enterprise Schemes

The future of Trade, Transport and Tourism in Malta – a business webinar by BOV, Saxo Bank and Malta Maritime Forum

BOV staff go green beyond the hour

A GBC and BOV debate on Women in Entrepreneurship and Business

Bank of Valletta increases daily limits of its Debit Cards

Bank of Valletta announces further COVID-19 measures

Stronger security for online shopping with Bank of Valletta

BOV Marsaxlokk Agency back in service

Generational Change driving Investor Sentiment

Welcome To Dolfin Europe