APCIMS has responded to Treasury's consultation on implementing the UCITS IV framework in the UK. It welcomes the intention to simplify investor disclosure procedures but is worried about potential investor and firm confusion in the proposed one-year transitional period during which firms can use either a Simplified Prospectus or a Key Investor Information document (KID). It welcomes Treasury's recognition of the KID as a pre-contractual document but is concerned about some of the proposals relating to timing of the KID and the suggestion that some current exemptions from the need to publish a Simplified Prospectus will not be carried over. It also queries why some important information currently required in a Simplified Prospectus will not be needed in a KID. (Source: APCIMS response: Transposition of UCITS IV Consultation Document)