CESR has published a number of guidelines and a template for the key investor information document (KII), which is to replace the simplified prospectus:

  • Template for the Key Investor Information document
  • Level 3 guidelines on the selection and presentation of performance scenarios in the Key Investor Information document for structured UCITS
  • Guidelines for the transition from the Simplified Prospectus to the Key Investor Information document
  • A guide to clear language and layout for the Key Investor Information document

The consultations on these guidelines closed on 10 September. The EU member states are to have implemented the revised UCITS Directive by 1 July 2011. On that date, UCITS will have to start publishing KIIs. However, the member states may allow a transition period until 30 July 2012 at the latest, during which time the simplified prospectus can still be used.