ESMA Publishes Revised Q&A Document On UCITS KIID

The European Securities and Markets Authority has issued on March 26 a new version of its Questions and Answers document containing guidance and interpretation of the rules governing the Key Investor Information Document for UCITS funds, designed to promote common supervisory approaches and practices in the practical application of the UCITS regime through responses to questions posed by the general public and regulators themselves.

ESMA says the answers are also intended to help UCITS management companies by providing clarity as to the content of the rules rather than creating an extra layer of requirements. It will review the questions and answers to determine whether in certain areas there is a need to convert some of the material into formal guidelines and recommendations. The document will be regularly edited and updated whenever new questions are received.