UCITS IV - Key Investor Information Document

Course Code:	UKID 1103
Dates:	On a date of your choice
Venue:	Venue of your choice
Course Fees:	Available on application
CPD Credits:	3

Workshop Outline & Objectives

The Key Investor Information Document (KID) replaces the Simplified Prospectus for UCITS IV funds. The KID will contain the objectives and investment policy of the fund, a methodology to assess key information such as risk indicator accompanied with a narrative description of risk and charges implicit to the fund, ten years past performance and practical information in a two sides A4 format. Commission Regulation (EU) No 583/2010 of 1 July 2010 aims to ensure that the exhaustive content of the key investor information is harmonised.

Presenting the required information in a compliant and accessible form is far from straightforward. This focused half day workshop will help UCITS firms address the regulatory, operational and communications challenges presented by the KID.

You may also be interested in our related workshops on:

UCITS IV - Preparing for Change
and
UCITS IV - Developing your Business Model

Who will benefit?

Compliance
Legal
Marketing
Client Operations
Distributor Relations

Workshop Leader: Darren Burrows

Darren Burrows, Managing Director of Funds-Axis, is a law graduate and qualified chartered accountant and has over 10 years financial services and fund management experience. Prior to forming his own specialist authorised funds consultancy, was Head of Funds Compliance at a leading trustee company. Darren's areas of specialism include derivatives and eligible assets under UCITS III, fund accounting and implementation of investment restriction monitoring systems. He is also a member of the Chartered Institute for Securities and Investment.

Course Programme

Introducing the KID

Thinking behind the KID
Timeline for implementing
When does it have to be provided?
Key contents of the KID
General format requirements
Past Performance, SSRI, On-going Charges
Narrative disclosures
‘Representative’ or ‘multiple share class’ KII
Plain language requirements and Translation requirements
The Durable Medium’ requirements

Examining the Disclosure Requirements in Detail

Form and Presentation of the Key Investor Information
Objectives and Investment Policy
Explanation of potential risks and rewards
The Synthetic Risk Reward Indicator (SRRI)
Principles governing the identification, explanation and presentation of risks
Practical thoughts on how narrative aspects should be written
Presentation and explanation of charges
Presentation of past performance
Practical Information and cross-referencing
UCITS with multiple shareclasses – arrangements for representative shareclasses
Specific considerations for fund of funds, master-feeder structures, structured UCITS etc
Review and revision of the Key Investor Information Document
Durable Medium Disclosure Rules

Operational Challenges to the Set-up and Production of KID

KID Project Management Challenges
Cost consideration
Plain Language and Translation Challenges
Consideration for Outsourcing KID Production
How to ensure data accuracy?
Version control and record keeping
Sign-off by Compliance, Legal, Risk Management, Board of the ManCo
Production issues
Ensuring that distributors are provided with the latest updated KID versions

Use by Distributors and Investors

Benefits for investors

Benchmarking and comparability of funds for multiple jurisdictions

The Impact of KID on Fund Distribution and Fund Distributors Agreements

How distributors will make use of the KID

Booking

If you are interested in booking this course, or if you have any questions, please call call us on 020 3170 5779.

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