On February 15, the Committee of European Securities Regulators (CESR) published its advice to the European Commission on the content and form of key investor disclosures for European Undertakings in Collective Investments Transferable Securities funds. The new Key Information Document (KID) is to replace the current simplified prospectus for retail investors and the Commission will now carry out market testing on the possible form and content of the KID.

CESR’s advice follows its work at the request of the Commission which included a consultation launched in October 2007, as described in the October 26, 2007 edition of Corporate and Financial Weekly Digest.

The Commission is expected to publish final proposals Spring 2009.