Consultation on CESR's technical advice at level 2 on the format and content of Key Information Document disclosures for UCITS

CESR's proposals follow over two years of work which have included extensive consultation with stakeholders. In developing its advice, CESR has also placed great emphasis on the outcome of the consumer testing exercise carried out by the Commission. The proposed disclosure, to be known as the Key Information Document (KID), will replace the current Simplified Prospectus that was introduced in 2002 and aims at increasing investor protection and convergence across Europe.