The Central Bank of Ireland (the “Central Bank”) has confirmed in writing the instances under which an up-to-date Key Investor Information Document (“KIID”) must be provided to the existing investors of undertakings for collective investment in transferable securities (“UCITS”). This follows a submission made to the Central Bank by the Irish Funds Industry Association and queries received from other industry participants.
In instances where an existing investor of a UCITS wishes to make a new subscription, the Central Bank has confirmed that an up-to-date KIID must be provided. However, in circumstances where additional subscriptions arise due to the existence of a contractual arrangement entered into at the time of the investor’s initial subscription i.e. the automatic reinvestment of dividends, it is not necessary for an up-to-date KIID to be provided.
Where investors make use of a regular savings plan for the purposes of investing in a UCITS and periodic subscriptions are made following their initial subscription, an up-to-date KIID is not required. This is due to the fact that each subscription is based on a single subscription contract. However, should any changes be made to the subscription arrangements in place, a copy of the current KIID must be provided to the investor prior to any new subscriptions being made.
It can be noted that a copy of a KIID can be provided to investors through the use of a website.