Key investor information

Retail investors should receive clear, easily understandable and relevant information when they envisage to invest in UCITS. The Simplified Prospectus introduced in 2001 has been implemented in such a way that it has proven to be an additional source of unnecessary costs for the industry and a document of a very limited use to investors. The simplified prospectus could be replaced by the Key Investor Information (KII) concept. This would be a simple document giving key facts to investors in a clear and understandable manner. It would assist them in making an informed investment decision.

08.07.2009 – UCITS Disclosure Testing Research Report

The study tested the contents and form of the KII on a representative sample of retail investors and intermediaries, so that the KII could be developed and fine-tuned in the light of how well it was being understood and used by retail investors. The research was spread over two phases and used both qualitative and quantitative research techniques. The first phase focused on various approaches to the content and form of individual elements of the KII (e.g. information about risks or costs). The second phase focused on proposals for the KII document as a whole, building on the elements that worked best in the first phase. All proposals were developed with the input and aid of CESR, which has been developing in parallel its advice to the Commission on the content and form of the KII.

• Research Report

20.10.2008 - Key investor information (KII) workshop

• Summary
• Executive summary of the Report
• Materials tested

15.05.2006 & 17.07.2006 - Simplified prospectus workshops

17.07.2006		2nd Simplified Prospectus workshop
Summary
Annotated agenda and annexes
Background information
Presentations
15.05.2006		1st Simplified Prospectus workshop
Summary
Annotated agenda
Background information and annexes
Presentations