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New standards for PRIIPs-KIDs as of July 01, 2022

According to information from the German Investment and Asset Management Association (BVI) dated May 21, 2021, the EU Commission plans to delay the start of PRIIPs-KIDsby six months. A package of measures, which will include not only technical adjustments to Level 2 but also a selective amendment to the Level 1 Regulation, is to be forwarded by the EU Commission to the EU Parliament and Council before the end of June 2021.

The EU Commission now plans to launch PRIIPs-KIDs on July 1, 2022. The aim is to adopt the draft amendment to the regulatory technical standard (RTS) in June 2021, as the transmission of the revised RTS to the EU Commission and the translation of the RTS into all official languages will take time and therefore the RTS can probably only be published in Q4 2021. Originally intended to enter into force in January 2022, the extended timeframe will give product providers, advisors and regulators more time to carefully implement the requirements. This relates in particular to the new performance calculations and transaction costs. The estimation method can continue to be used until 2024, but it should be verified by the firms’ own transactions, which corresponds with building a history of market prices. Until the PRIIPs KIDs are implemented, the UCITS-KIIDs will continue to be used. There will also be a technical correction to the UCITS Directive, the Commission said, to align information about a fund that is paralleled by UCITS-KIIDs and PRIIPs-KIDs, as this would cause confusion for investors and advisors.

The new RTS buys us time, but asset managers should still prepare in time for the changeover and market price or arrival price method for transaction costs. Our acarda regulatory reporting platform already covers the new risk, performance and cost calculations. With the same data set, even cost-effective additional reports and data set such as TPT, CRR, AIFMD, VAG can be mapped. Thus, you centralize data management, automate EPT and KID or KIID creation and at the same time reduce time and costs to a minimum – while maximizing the efficiency of all processes,”, saysacarda CEO Gerhard Jovyand adds: “Our customers only need provide raw data such as portfolio composition, transactions, fund data and descriptions and we take care of implementing the PRIIPs reform and other desired reports.”

More about the specifics of the acarda solution can be found here.

Press contact

Jessica Schreiner

Phone +49 69 24 44 88 194

jessica.schreiner@acarda.de

More news…

ESMA updates its FAQs on AIFMD

On 28th May 2021, ESMA published an update on its FAQ on the application of the Alternative Investment Fund Managers Directive (AIFMD).
Three new questions related to Annex IV reporting were added to the document. In the Section III question number 84, 85 and 86, ESMA provided detailed explanations and examples on the reporting obligation of NET DV01, NET CS01 and NET Equity Delta of the AIF.

More

acarda adds InReg for increased European regulatory monitoring

acarda, a leading European RegTech company and part of LPA Group, has announced a coorperation with InReg, a regulatory maintenance provider that specialises in monitoring changes occurring within the regulatory updates for the asset management and life insurance sectors.

More

acarda receives ISO certification for information security

acarda has successfully passed this year’s certification audit in accordance with ISO 27001 for the scope “Software development and operation of SaaS solutions for the reporting of private and investment funds”.

More

New standards for PRIIPs-KIDs as of July 01, 2022

According to information from the German Investment and Asset Management Association (BVI) dated May 21, 2021, the EU Commission plans to delay the start of PRIIPs-KIDsby six months. A package of measures, which will include not only technical adjustments to Level 2 but also a selective amendment to the Level 1 Regulation, is to be forwarded by the EU Commission to the EU Parliament and Council before the end of June 2021.

More

ESMA updates its FAQs on AIFMD

On 28th May 2021, ESMA published an update on its FAQ on the application of the Alternative Investment Fund Managers Directive (AIFMD).
Three new questions related to Annex IV reporting were added to the document. In the Section III question number 84, 85 and 86, ESMA provided detailed explanations and examples on the reporting obligation of NET DV01, NET CS01 and NET Equity Delta of the AIF.

More

acarda adds InReg for increased European regulatory monitoring

acarda, a leading European RegTech company and part of LPA Group, has announced a coorperation with InReg, a regulatory maintenance provider that specialises in monitoring changes occurring within the regulatory updates for the asset management and life insurance sectors.

More

acarda receives ISO certification for information security

acarda has successfully passed this year’s certification audit in accordance with ISO 27001 for the scope “Software development and operation of SaaS solutions for the reporting of private and investment funds”.

More

ESMA calls for improvement of data quality in AIFMD reporting.

On 8th April the European Securities and Markets Authority (ESMA) published the annual statistical report on EU Alternative investment funds2. In the report, ESMA calls for improvement of the data quality in the Annex IV reporting. In addition, the reports calls for the follow-up of the improvement of the Alternative Investment Fund Managers Directive (AIFMD) by the European Commission, which was initiated in August 2020.

More

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