Cyprus amends UCITS Law to streamline KID/KIID requirements
On 7 October 2022, Cyprus implemented changes to the Undertakings for the Collective Investment in Transferable Securities (Amendment) Law 2022 which transposes Directive (EU) 2021/2261 into national law.
In summary the amendments, which will come into force on 1 January 2023, provide that when a Cyprus UCITS fund draws up, provides, revises, and translates a key information document (known as a KID) which complies with the requirements for KIDs laid down in EU PRIIPs legislation, CySEC will consider the KID satisfies the requirements applicable to UCITS key investor information documentation (KIIDs) as set out in the Cyprus provisions transposing Articles 78 to 82 and Article 94 of the UCITS Directive. As such no additional KIID is now required.
The Amending Law 154(Ι)/2022 (available in Greek only) can be found here.