Are not required to be included in a standalone update to the Key Investor Information Document (“KIID”) when UCITS V comes into effect on 18 March 2016, but rather can be included whenever the relevant KIID is next updated.
In light of the annual KIID update filing deadline of 19 February 2016, this is a positive development as it will obviate the need to update KIIDs twice during the first quarter of 2016. In practice, this means that the UCITS V update to a KIID may fall as late as the annual update in February 2017.
By Matheson
