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08 July 2009

CESR consults on Key Information Document disclosures for UCITS

The importance of fostering investor understanding in financial products is a key issue. The introduction of the KID will bring the quality of investor disclosures for UCITS and allow easier comparison of products.  

The consultation paper sets out two options for risk and reward disclosure: a synthetic risk and reward indicator (SRRI) supported by a narrative explanation versus an improved version of the narrative approach. The indicator is CESR’s preferred option taking into account a range of factors, in particular in terms of improved comparability of funds. CESR will work further on the methodology supporting the indicator and publish the outcome for consultation later in July.

CESR’s proposed approach to presentation of past performance is based on use of a bar chart displaying up to ten years’ performance. In addition, CESR proposes to allow performance information to be displayed only where there is at least one calendar year’s data.
The deadline of the consultation is 4 September 2009

© CESR - Committee of European Securities Regulators

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