We are happy to close another successful UCITS KIID annual update production round. Thanks to a productive cooperation with our clients, we have finalized the Key Investor Information Document update, adhering to the deadline of 19 February 2020. 

If you wish to learn more about our automated UCITS KIID/PRIIPs KID production solution you can contact us at [email protected] 

FundConnect has been helping asset managers with KIID production ever since the UCITS KIID was first implemented. 

By Jens Jørgen Holm Møller, Experienced executive - international expert in asset management and business strategy

In January 2019, I finalized the first European survey on how to ensure quality in the annual ex post reporting, that is mandatory according to MiFID II. Since then, distributors of investment products for the first time have provided annual ex post information about all costs and charges to their clients.

In general, the reporting based on 2018 data was late and incomplete. As expected fund groups chose different frequencies for updating the EMT (daily, monthly, quarterly, or annual) and different deadlines for updating after New Year.  Finally yet importantly, some fund groups chose the calendar year as reporting period whereas others chose another 12-month period. These differences caused a number of operational challenges for distributors and furthermore, information was not comparable from fund to fund. This definitely led to extra expenses, increased risk and operational inefficiency for the industry.

The Financial Data Exchange Templates (FinDatEx) has published the European MiFID Template Version 3.0 (EMT V3). 

Find the template at https://www.findatex.eu/. More details are available here.

FinDatEx recommends that companies swith over to EMT V3 gradually. Firms may move to Version 3 from 1 January 2020, and the final deadline for implementation is 10 December 2020.

The European Supervisory Authorities (ESAs) published a Consultation Paper on amendments to the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs). Read more and find the response form here

The deadline for sending comments is 13 January 2020.