On 16 March 2009, CESR (Committee of European Securities Regulators) began a consultation on a range of issues relating to key investor information (KII) disclosures for UCITS which cover risk and reward; past performance; and charges. The consultation closes to responses on 15 May 2009. CESR intends to consult on its overall KII advice during the Summer of 2009 and to submit its final advice to the Commission by the end of October 2009.