Consultation Paper on content and form of Key Investor Information disclosures for UCITS

This Consultation Paper follows two calls for evidence and a questionnaire on related subjects published earlier in 2007, as well as discussion at a Retail Investor Workshop. It is part of CESR's ongoing work in response to a request for assistance from the European Commission (Commission), and should be seen in the context of the Commission's wider work to revise the UCITS Directive by replacing the Simplified Prospectus with a document which will be more meaningful for retail investors.

The work on key investor information (KII) is split into three phases:

Phase 1 CESR will prepare and deliver its advice to the Commission following public consultation (April 2007 to February 2008)

Phase 2 The Commission will carry out market testing throughout 2008 on the basis of the CESR submission.

Phase 3 CESR will then finalise its advice taking into account the results of the testing exercise and further consultation with market participants (by March 2009).

In the light of responses to this Consultation Paper, CESR will finalise its advice to the Commission in February 2008 (marking the completion of Phase 1).