UCITS KIID - Key Investor Information Document | Brochure |
The UCITS KIID is designed to lead the way in investor information, protection and disclosure.
Context
With the UCITS KIID mandatory since July 2012, awareness of both its existence and its broad outlines may be taken as widespread within the relevant professional community. While its recognition and importance in the eyes of the investing community is perhaps more debatable, it is certainly now an integral part of the UCITS landscape.
Nevertheless there is still a lot of work to be done.
Key issues
The market overall welcomed the KIID as a net and evident improvement on the previous simplified prospectus.
Experience has indicated however that the exercise has proven more challenging, more costly and more complex than many had anticipated.
Certain divergences in interpretation are also emerging in national interpretation and the evolution of the document is now to be seen in the context of discussion around the draft KID Directive (previously PRIPS) and the sanctions regime of UCITS V.
Main challenges
The market has encountered issues in:
- The complexity of co-ordinating the on-going KIID production across stake holders – KIID content producer (‘plain language’ texts, SRRI, on-going charges), fund registration team, product development, web master, sales and distribution, factsheet production, infrastructure providers, KIID dissemination platforms
- Managing costs - In many cases where co-ordination resides in legal or compliance areas there is a significant hidden cost in the use of scarce resources
- Ensuring quick turn-around times – the lack of efficiency, the divergence in interpretation of KIID rules across the various regulators and the current excessive workload to manage KIIDs can result in longer than necessary time-to-market if the production and filing processes are not suitably optimised
In addition, many non-EU jurisdictions require KIID-like documents, but each with their own specificities.
Our services
Deloitte has been in the forefront of the development of the UCITS KIID from the earliest consultative phase of UCITS IV.
We offer a full range of KIID services including:
- An effective and cost-effective offering to manage your KIIDs with minimum workload on your side and optimal time-to-market
- Our integrated services’ cover the front to back co-ordination of your KIID needs from concept to production, including ‘plain language’ drafting, SRRI production, KIID initial set-up, on-going KIID monitoring and updating, regulator communications, web publication, and distributor dissemination
- Our solution is a flexible offering: you may pick and choose the KIID modules that you need – either stand-alone or fully integrated
- Our KIID ‘factory’ is integrated within Finesti (the gateway to the CSSF) to allow an optimised operational set-up through higher quality and processing speed
- Open architecture co-ordination and quality control services
How can we help?
Within the full range of services we can:
- Benchmark your current process to market best practice on cost, process and content
- Design the appropriate operating model for your company and implement it
- Minimise the cost and operational impact of implementing the PRIPS KID Directive
- Co-ordinate your on-going process from start to finish, de-risking your business and allowing your internal specialists to concentrate on their true priorities
- Ensure you are always up-to-date and cost effective
- Integrate the KIID process into your cross-border distribution
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UCITS KIID - Key Investor Information Document
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