ALFI updates a Key Investor Information Document

23 November 2011

ALFI's Key Investor Information Document (KID) Working Group is currently analysing the implementing measures adopted by the European Commission by Regulation n° 583/2010 of 1 July 2010, as well as related regulatory guidelines.

The document includes questions and proposed answers about KID implementation and about using KID in distribution networks. This document contains the working group's answers to questions about KID implementation. The answers are not necessarily definitive and they might not be suitable for every circumstance. This document is not meant to be an industry standard or a guide to best practice but it represents the view from a group of market participants. The Q&A has not been validated by any regulator. It does not diminish the management company's or the investment company's responsibility to comply with the EU Regulation 583/2010 on the KID, CESR's related guidelines and technical advice papers and any other European or national law or regulation. This document must not be relied upon as advice and is provided without any warranty of any kind and neither ALFI nor its members who contributed to this document accept any liability whatsoever for any action taken in reliance upon it.

Key documents for KID practitioners

The following documents are the important references for the implementation and maintenance of the KID:

• Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS).
• Commission Regulation (EU) No 583/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website.
• CESR/09-949: CESR's technical advice to the European Commission on the level 2 measures related to the format and content of Key Information Document disclosures for UCITS (28 October 2009).
• CESR/10-673: CESR's guidelines on the methodology for the calculation of the synthetic risk and reward indicator in the Key Investor Information Document (1 July 2010).
• CESR/10-674: CESR's guidelines on the methodology for calculation of the ongoing charges figure in the Key Investor Information Document (1 July 2010).
• CESR/10-1318: CESR's level 3 guidelines on the selection and presentation of performance scenarios in the Key Investor Information document (KII) for structured UCITS (20 December 2010).
• CESR/10-1319: CESR's Guidelines for the transition from the Simplified Prospectus to the Key Investor Information document (20 December 2010).
• CESR/10-1320: A guide to clear language and layout for the Key Investor Information document (KII) (20 December 2010)
• CESR/10-1321: CESR's template for the Key Investor Information document (20 December 2010).

Full document

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