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When is a KIID not a KIID?

“For the disclosure part, the KIID for UCITS has been identified by the European Commission as the appropriate benchmark. This is clearly something we welcome as we feel it recognises the quality of the work we have been doing to develop the KIID.” *

* Quote from Steven Maijoor, Chair of ESMA, opening address at the Paris EUROPLACE Financial Forum

The KIID is a cornerstone in investor protection; it is already been adopted in some jurisdictions as a standard. On one hand, we see the KIID or very similar documents being enforced outside the borders of the EU, strictly speaking, such as in Switzerland and Norway.

But concern with investor protection and adequate disclosure is not unique to Europe. Simplified information sheets are also the standard in Hong Kong and other places in Asia, and today distinct convergence can be seen with the KFS (“Key Fact Statement”) used for Funds distributed in Hong Kong and the PHS (“Product Highlight Sheets”) which serves a similar purpose in Singapore.

On the other hand, we see the KIID concept being applied to non UCITS funds. For example local regulators in France, Switzerland and in the Netherlands require a KIID to be produced for funds that are not in scope of the UCITS regulation.

Contact us to learn more.


  • Lou Kiesch
    Partner - Regulatory Consulting
  • Xavier Zaegel
    Partner - Capital Markets/Financial Risk
  • Francois-Kim Hugé
    Directeur - Fund Registration Services
  • Christopher Stuart-Sinclair
    Directeur - Regulatory Consulting

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