Key Information Document (KID) meaning

In this issue: Property (Digital Assets etc) Act 2025 Lending Aviation finance Shipping finance Real estate property Sustainable finance Derivatives Regulation for derivatives Regulation for banking lawyers New and updated content Useful information Property (Digital Assets etc) Act 2025 Property (Digital Assets etc) Act 2025 comes into force The Act clarifies which things can be recognised as objects of personal property rights, ensuring they are not excluded from such treatment. It took effect on 2 December 2025. Source: Property (Digital Assets etc) Act 2025. Lending LMA publishes note clarifying deed requirements and intercreditor documentation The Loan Market Association (LMA) has assessed the impact of obiter observations in Macdonald Hotels v Bank of Scotland [2025] EWHC 32 (Comm), which raised doubt over whether a particular testimonium clause—akin to those in the LMA’s recommended intercreditor agreements—sufficiently demonstrates, on the face of the document, an intention for it to take effect as...

Asset Management & Investment Funds: Irish Practice Developments—January 2026 Some annual compliance deadlines 31 January 2026—Undertakings for Collective Investment in Transferable Securities (UCITS) management company and alternative investment fund manager (AIFM) ownership confirmation—UCITS management companies (ManCos) and AIFMs are required to submit their annual ownership confirmation by 31 January 2026, as outlined for UCITS ManCos and for AIFMs. 20 February 2026—UCITS Key Investor Information Document (KIID)/PRIIPs Key Information Document (KID)—All UCITS offered to ‘retail investors’ in the EEA must provide those investors with a PRIIPs KID before they invest. A UCITS not made available to retail investors in the EEA does not need a PRIIPs KID and may continue to produce a UCITS KID. A UCITS preparing a UCITS KIID must update the KIID annually for each sub‑fund/standalone fund within 35 business days of the end of each calendar year, and the updated UCITS KIID must be filed with the CBI. Unlike the UCITS...

The UK PRIIPs Regulation, UK implementation and Brexit The purpose of this Practice Note is to set out an overview of the UK Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation (Assimilated Regulation (EU) 1286/2014), which is being superseded by a UK retail investor disclosure regime for Consumer Composite Investments (CCIs). Central to the PRIIPs framework is the obligation on product manufacturers to prepare a standardised, pre-investment Key Information Document (KID) for each PRIIP, enabling retail investors to compare products and decide whether a PRIIP suits their needs. The approach is not novel, drawing largely from the undertakings for collective investment in transferable securities (UCITS) Key Investor Information Document (KIID). For further detail on the EU PRIIPs Regulation and associated level 2 measures—covering scope, principal requirements, and the prescribed form and content of the KID—see Practice Note: EU Packaged Retail and Insurance-based Investment Products (PRIIPs) and the EU Retail Investment Strategy—essentials—The EU Retail Investment Strategy. The UK PRIIPs Regulation (Assimilated Regulation (EU) 1286/2014) remains in force in the UK...

The PRIIPs Regulation and level 2 measures This Practice Note sets out an overview of the Packaged Retail and Insurance-based Investment Products (PRIIPs) regime in Regulation (EU) 1286/2014 and the related Level 2 measures. A key element is the duty on product manufacturers to prepare a standard, pre-sale Key Information Document (KID) for PRIIPs, allowing retail investors to compare products and decide whether a PRIIP is suitable for them. The approach draws heavily on the undertakings for collective investment in transferable securities (UCITS) Key Investor Information Document (KIID). Regulation (EU) 1286/2014 was published in the Official Journal of the European Union on 9 December 2014 and has applied since 1 January 2018, with a UCITS exemption running until 31 December 2022. This carve-out also covers non-UCITS retail funds that produce a UCITS KIID (Article 32(2) of Regulation (EU) 1286/2014). The extended exemption—which was initially due to end on 31 December 2021—is addressed in Article 32(1) of the PRIIPs Regulation, as amended by Article 1 of Regulation (EU) 2021/2259....

This Practice Note outlines the requirements for insurance-based investment products (IBIPs) under Directive (EU) 2016/97, the Insurance Distribution Directive (IDD), which superseded the Insurance Mediation Directive (2002/92/EC) (IMD) effective 1 October 2018. It concentrates on the rules applying to IBIPs on conflicts of interest, information provided to customers, and suitability and appropriateness, including those found in Commission Delegated Regulation (EU) 2017/2359 (IDD IBIPs Regulation), which supplements the IDD. For more on the IDD framework, refer to Practice Notes: EU Insurance Distribution Directive (IDD)—essentials EU Insurance Distribution Directive (IDD)—organisational and conduct of business requirements EU Insurance Distribution Directive (IDD)—scope, registration, passporting and sanctions EU Insurance Distribution Directive (IDD)—Insurance Product Information Document requirements What are insurance-based investment products? Under the IDD, an IBIP is defined as ‘an insurance product which offers a maturity or surrender value, where that maturity or surrender value is wholly or partially, directly or indirectly exposed to market fluctuations’. The definition mirrors the one in Regulation (EU) 1286/2014...