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The ALFI KIID Q&A 14th edition published - 28/11/2012


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Key Investor Information Document (KIID)

The ALFI has now published the 14th edition of the UCITS key investor information document (KIID) Q&A.

The objective of this update is to integrate the recommendations of the ESMA KIID Q&A published September 25th 2012 (ESMA/2012/592) on the UCITS IV KIID implementation.

In line with the main subjects of the ESMA Q&A, which we have covered in a previous regulatory news alert, please find here below the key highlights covered in this update:

  • UCITS are required to produce and maintain KIID for their current investors even though they have ceased marketing to the general public. The only exception to this being when a UCITS is under liquidation.
  • The ALFI integrates ESMAs clarification on the treatment of representative KIIDs for UCITS with multiple share or unit classes.  UCITS can select an appropriate class to represent one or more other share classes and produce a representative KIID.  The UCITS has the responsibility to select the most appropriate share class in order to avoid misleading prospective investors.  The share class with the highest overall charge is the most appropriate representative share class to select where charging structures differ between classes.  This is to avoid the risk of understating charges.
  • The Q&A also covers an update regarding disclosure of benchmarks on the KIID.  A benchmark referred to in the investments and objective section shall be disclosed in the performance chart even though the intention is not to track that index.

Please find the full texts of the documents here:

We trust this information is of assistance and remain at your disposal for any further questions.

Discover all the Regulatory News Alerts on our website dedicated section.

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Contacts

Name:
François-Kim Hugé
Company:
Deloitte Luxembourg
Job Title:
Directeur - Fund Registration Services
Phone:
+352 451 452 483
Email
fkhuge@deloitte.lu

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