On 20 December 2010, CESR published a number of guidelines to assist industry prepare and transition to the Key Investor Information Document (the “KIID”).
From 1 July 2011 (the implementation date for UCITS IV), all new UCITS must have a KIID. All existing UCITS (i.e. those launched prior to 1 July 2011) must, based on the current consultation, replace their existing simplified prospectuses with KIIDs by 1 July 2012.
The guidelines published include:
- Guidelines – Selection and presentation of performance scenarios in the KIID for structured UCITS;
- Guidelines – Transition from the Simplified Prospectus to the KIID document;
- CESR’s guide to clear language and layout for the KIID document; and
- CESR’s template for the KIID document.
Additionally, CESR has published Feedback Statements in relation to the above guidelines, which provide an explanation for the approach taken.