On October 16, the European Committee of European Securities Regulators (CESR) published a consultation paper on the content and form of Key Investor Information (KII) disclosures for retail orientated Undertakings in Collective Investment Securities (UCITS) funds.
The consultation has been launched on the request of the EU’s European Commission. The Commission has asked CESR to provide advice on the form and contents of KII, which it proposes to introduce as a replacement for the simplified prospectus currently used with UCITS funds.
It is CESR’s view that KII should contain only the essential elements for assisting retail investors in making and carrying out informed investment decisions. In this context, CESR has considered factors likely to make product information disclosures useful to retail investors.
The consultation sets out CESR’s recommendations on the scope, format and content of KII, the use of past performance information and on charges.
The consultation closes on December 17 and CESR plans to provide its initial advice to the Commission in February 2008. www.cesr-eu.org/popup2.php?id=4814