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CESR launches consultations on the Key Investor Information Document
CESR has today launched a set of four consultations on the Key Investor Information Document (KII). This is in line with the requirement for UCITS management companies to implement the KII by 30th June 2012. The revised UCITS Directive (2009/65/EU) must be implemented in all Member States by 1 July 2011 The first consultation contains Guidelines on the selection and presentation of performance scenarios in the KII for structured UCITS
The second consultation contains Guidelines for the transition from the Simplified Prospectus to the KII Document. The transitional period (Between 1 July 2011 and 30 June 2012) will give UCITS time to use up their existing stocks of simplified prospectuses and prepare replacement KII documents, but Member States can decide whether or not to allow UCITS established in that State up to 12 months to implement the KII.
The third consultation is a guide to clear language and layout for the KII document. The guide proposes a general approach to be used by persons responsible for the preparation of the KII. The recommendations include guidance on the use of plain language, the layout and format of the document and presentation of the Synthetic Risk Reward Indicator (SRRI).
The final consultation contains a proposed template for the Key Investor Information document. The template reflects 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 on mediums other than paper. The template is a sample of the type of contents and layout that UCITS management companies would be expected to produce for a standard UCITS.
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