21 September 2010

CESR publishes the responses to four consultations concerning the Key Investor Information Document

 This consultations seeked stakeholders’ views on a template developed by CESR for the Key Investor Information document for UCITS. The template reflected the content of Commission Regulation (EU) 583/2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website. It shows the type of contents and layout that UCITS management companies would be expected to follow for a standard UCITS.

The Simplified Prospectus (SP) failed as a consumer communication because the rules led to long documents. In addition, many are written in technical or legalistic language and are poorly structured and designed. The Key Investor Information document (KII) is a radical attempt to address these shortcomings.

Consultation on CESR’s template for the Key Investor Information document

Consultation on the guide to clear language and layout for the Key Investor Information document (KII)

Consultation on CESR’s level 3 guidelines on the selection and presentation of performance scenarios in the Key Investor Information document (KII) for structured UCITS

Consultation on CESR’s Guidelines for the transition from the Simplified Prospectus to the Key Investor Information document

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