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ESMA KIID Q&A published - 27/09/2012


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Key Investor Information Document (KIID)

In line with its aim to promote a common supervisory and practice approach in the application of the UCITS Directive, ESMA has published a question and answer document (Q&A) focusing on the key investor information document (KIID).

Please find here below some key points from the ESMA Q&A:

  • UCITS are required to produce and maintain KIIDs for their current investors even though they have ceased marketing to the general public. The only exemption to this is when a UCITS is under liquidation.
  • ESMA also clarifies the treatment of representative KIIDs for UCITS with multiple shares or unit classes. ESMA confirms that 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 when charging structures differ between classes.
  • The Q&A also addresses questions with regards to benchmarks and their disclosure on the KIID. Most notably ESMA confirms that a benchmark referred to in the objectives and investment policy section shall be disclosed on the performance chart even though the intention is not to track that index.

Please find the ESMA Q&A document here for the full text.

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

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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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