It was first applied mainly to insurance products and derivative products sold to retail investors since UCITS funds already manufactured KIIDs for their funds.

This regulation proved difficult to implement in its initial version for such a large and diversified scope of products, ultimately resulting in a 3-years postponement of the application to UCITS, from January 1st 2020 to January 1st 2023.

Despite the extra time, several operational questions were not addressed in the last Regulatory Technical Standards and subsequent Q&A.

Our workflow covers data collection, calculations, SRI and scenarios monitoring, document production and filing at the regulator.

Our team checks and validates requisite data to ensure all static, dynamic and regulatory fund data is correct before starting the production process.

AlphaOmega confirms before hand with clients all the important points such as the layout, font, logo, ongoing charges, SRI and graphic chart aspects.

Here are the main steps followed for the UCITS KIID production:

• Data collection: AlphaOmega gathers the main information from the prospectus of the funds in scope, last KI(I)Ds, portfolios, NAVs historical from at least the past 10 years (if it does not exist, we use a Proxy), ongoing charges etc. We can grab the data either from the Central administration or via SFTP.
• Data upload: AlphaOmega classifies, maps and uploads the data into a database which is linked to a template containing coding and tags to create the document in different format.
• KID generation: once the word document is ready we can automatically generate the final PDF from our system. 
• We have the capacities to generate large volumes of documents in peak production periods. 

Via our portal called DEC, our clients can monitor their production, review their status, communicate with our team and validate the final output.

It was created to allow manufacturers of packaged investment products – mainly insurers – to comply with the PRIIPs regulation while UCITS were exempted.

New update to a V2.0 (European Union only) and V2.1 (for funds also distributed in the United Kingdom) that will take into account the new PRIIPs Regulatory Technical Standards published officially in December 2021.

This new version accounts for the new PRIIPs methodologies and adds new fields to standardise the identification information between the different FinDatEx templates (EPT,EMT and EET).

Difference with PRIIPs KID:

• Performance scenario results are presented without entry and with exit costs.
• Costs and narratives sections are optional.