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CESR publishes its advice on ‘the content and form of Key Information Document disclosures for UCITS’ - KID. CESR recommends among others that the KID should contain only the essential elements for making and carrying out investment decisions, which excludes information serving only legal or regulatory requirements.
KID should be a single document covering a maximum of two sides of A4. There should be a standardised list of permitted contents in fixed order and hierarchy. Specific recommendations are made for funds of funds, umbrella funds and multiple share classes.
CESR also makes recommendations for presentation of past performance information and also recommends two options for consumer testing – the first an improved version of the existing Simplified Prospectus disclosure, the second supplementing this information with a single ‘summary’ figure.