Following a process of consultation and consumer testing, the European Supervisory Authorities have jointly published proposed cross-sectoral 'Key Information Documents' which will come into force on 31 December 2016, if endorsed by the EU Commission. The new rules aim to provide retail investors across the EU with simple and comparable information on investment products in the banking, insurance and securities sectors for the first time, thereby enhancing EU consumer confidence and protection. The new rules require information about the risks, performance and costs of products which must be included in 'Key Information Documents' in order to enable consumers to make more informed investment decisions. The rules set out a mandatory 3-page template for the 'Key Information Documents', including methodology, layouts for offering multiple options and rules on providing the document sufficiently early, and allowing time for a retail investor to take its contents into account when making its investment decision.