Ireland: New PRIIPs KID Filing Requirements – Effective 1 January 2024 For Many Existing UCITS And AIFs

On 27 November 2023, the Central Bank published information on the PRIIPs KID filing requirements for those UCITS and AIFs funds approved before 1 January 2023 (please read our insights here).

A UCITS fund approved by the Central Bank prior to 1 January 2023 that is required to provide PRIIPs KIDs to retail investors will be required to file any updates to their PRIIPs KIDs with the Central Bank from 1 January 2024. Similar filing requirements apply to AIFs. An AIF fund approved by the Central Bank prior to 1 January 2023 that is required to provide a PRIIPs KID to retail investors will be required file any updates to their PRIIPs KIDs with the Central Bank from 1 January 2024. These filings are to be done via the Central Bank's online portal under the section "Investment Funds – Ad Hoc returns". A copy of the Central Bank's guidance on PRIIPs KIDs, which sets out the Central Bank's filing requirements for PRIIPs KIDs, can be found here.

For UCITS, a summary of the other filing requirements in the Central Bank's PRIIPs KID guidance is set out below:

• Any new UCITS fund that was approved / applies for approval after 1 January 2023 is required to file a PRIIPs KID with the Central Bank by email on the day of approval.

• Where a UCITS fund produces both a UCITS KIID and PRIIPs KID, the latest versions of both documents should be filed with the Central Bank.

• Where a PRIIPs KID was previously submitted to the Central Bank and has been updated, the amended PRIIPs KID should be filed with the Central Bank when it is updated.

In terms of the filing mechanism with the Central Bank, it is important to note the following:

• As the PRIIPs KID must be uploaded to the Central Bank's online portal as an "Ad Hoc return", the PRIIPs KID filing will not be a scheduled return on the portal. In other words, there will be no reminder or deadline for this filing. It is the responsibility of those responsible for publishing the PRIIPs KID to be aware of, and comply with, its regulatory obligations for filing a PRIIPs KID with the Central Bank.

• In relation to the need to update the PRIIPs KID (unlike the UCITS KIID rules) there is no specific regulatory date by which a PRIIPs KID needs to be reviewed and then filed with the Central Bank. Instead, the requirement in the regulations is that each PRIIPs KID must be reviewed every 12 months following the date of the initial publication of the PRIIPs KID and published without undue delay.

This new filing requirement will be of particular importance for funds that have not updated their PRIIPs KIDs since 1 January 2023. These PRIIPs KIDs will need to be reviewed by 1 January 2024 and any revised PRIIPs KID must be published without undue delay, and if published after 1 January 2024, filed with the Central Bank. For any client who outsources the production of the PRIIPs KID to third party providers, consideration needs to be given to the new requirements for filing these with the Central Bank.

For more information on this topic please contact your usual contact or any member of the Asset Management and Investment Funds Group.

PRIIPs KID Filing Requirements

This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.