From 1 July 2011, investment companies may replace simplified prospectuses by the Key Investor Information document (KII). From 1 July 2012, they will have an obligation to use the KII. In this regard, the AFM has published standard warnings and a risk indicator. Investment companies which provide KIIs must include the new warnings in their advertisements. For investment companies that continue to use the Simplified Prospectus, the existing warnings and risk indicator apply.

The new rules arise from the amended UCITS Directive that became effective on 1 July 2010. ESMA has published several guidelines on the KII.