PRIIPs / KIDs

Lawson Conner offers an integrated solution to fully outsource all legal and compliance related obligations to manage UCITs funds and AIFs

Lawson Conner’s regulatory reporting practice can deliver comprehensive KIDs (Key Information Documents) support to our clients, including private equity firms, banks and fund managers.

Our software “LC KID” delivers a robust solution to comply with the Packaged Retail and Insurance-based Investment Products (PRIIPs) regulation. The software generates the relevant document production which includes the necessary data for the SRI score, the performance scenarios, the EPT file and the PDF file for investors.

The EPT is important for the exchange of standardised fund information between counterparties and institutional investors. Without the EPT file, the fund may be excluded from the investment universe of institutional investors.

A fund’s Key Information Documents possess clear guidelines with relation to content and form. This information is key with respect to the general nature of the product, its risks, objectives and associated costs. While a lot of regulation has previously focused on the qualitative aspects of an investment product, PRIIPs regulation includes a lot of risk related and quantitative information which is based on the historical performance of the underlying instrument.

Under the PRIIPs regulation, the Key Information Documents should be updated at least once per year, however if crucial factors are altered such as risk, then a more frequent approach is required.

Prior to the conclusion of any transactions, fund managers are required to deliver an up-to-date version of their documentation to any retail customers.

Our PRIIPs solutions include:

  • Cross border registrations (in the EU and EEA) under passporting regime and national private placement regime (NPPR) – globally!
  • Ongoing fund governance (all regulatory and reporting filings to maintan registration status)
  • Legal management of your investment funds (updating of prospectus and PPM, day-to-day management)
  • Bespoke KIDs production; drafting guides based on latest regulations
  • Bespoke wording for key sections of the KIDs
  • Advisory on the correct use of input data
  • Creation of bespoke benchmarks
  • Ongoing performance monitoring against benchmarks and republication

One product, two options:

  • offered as standalone software solution (SaaS)
  • offered as mSaaS solution (managed compliance solution)

Please note on non-UCITS Funds: Retail AIFs are in scope for PRIIPs, while UCITS funds have been granted a three year exemption (deadline by 31 December 2019. However, UCITS and other funds which are wrapped in insurance or other PRIIP types will be required to provide detailed information to the wrapper in order that they may produce a PRIIP.

In the absence of the provision of this information, the fund promoter runs the risk that their fund may be excluded from such wrappers post 31 December 2016.

Our dedicated PRIIPs-KIDs team would be delighted to discuss how we can assist your company with all aspects of the new regulations.

Contact: Tom Miller – Director, Investment Management Solutions | Email: tmiller@lawsonconner.com | Phone: +44 (0) 203 745 8231

 

 

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