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.