As a reminder, on 1 January 2018, persons and entities advising on or selling a PRIIP(not benefiting from the grandfathering period like UCITS funds or AIFs issuing a UCITS KIID) to retail investors in the EU will be required to deliver a PRIIP KID to their retail investors before they invest in a PRIIP.

In addition, the PRIIPs regime has seen some developments over the past few months, amongst which is the following:

In a series of FAQs, the CSSF has taken a position on a number of issues in relation to the impact of the PRIIPs Regulation in particular on AIFMs.

The FAQs on AIFMs address various issues amongst which are (i) the possibility (and conditions) for non-UCITS to be exempt from producing a PRIIPs KID for Luxembourg AIFs sold, offered or advised on to retail investorswithin the EU when they have issued a UCITS KIID, and (ii) the notification process of a PRIIPs KID to the CSSF.

In addition, the CSSF recommends Luxembourg AIFs which are sold only to non-retail investors to amend their prospectuses prior to 1 January 2018 by including a statement that their units are reserved to non-retail investors within the EU. As an alternative to the amendment mentioned above, the CSSF can be provided with a duly completed and signed self-assessment form which is available on their website and should be sent by e-mail to opc@cssf.lu .
At EU level, Guidelines from the EU Commission and a Q&A from the European Supervisory Authorities ("ESA Q&A") are available.

An updated version of this ESA Q&A was published in August 2017 together with a flow diagram for the risk and reward calculations in the PRIIPs KID. More recently, in November 2017, additional questions relating notably to multi-option products (MOPs), derivatives and performance scenarios have been added.
As regards the implementation of the PRIIPs Regulation, a Bill of Law (7199 ) was deposited with the Parliament on 25 October 2017 amending the UCITS Law and the amended law of 7 December 2015 on the insurance sector. The Bill includes, in particular, provisions relating to administrative sanctions and other administrative measures that may be imposed by the CSSF and the CAA (Commissariat aux Assurances).