Dear Fund Director,
The KIID (Key Investor Information Document) is coming back to scene. After having their first golden age in 2010 when the Commission Regulation 583/2010 appeared implementing Directive 2009/65/EC, the banking sector is finally setting up internal procedures to provide the KIID for all investors before entering a fund.
The KIID is a pre-contractual document whose content, length and methodologies are regulated and “harmonised”. In this sense, it is important to make clear that not all KIIDs look equal but disclose the same type of information. The aim of this document is to disclose key data of the fund like past performance, costs, level of risk and main responsible entity of the fund, among others to the investors, with an appropriate language and equal methodologies.
In this sense, it could be useful to be informed about some questions like:
- How often does the Management Company update the KIIDs?
- When was last update?
- Were there any significant changes in costs for any of the funds under mandate?
- Were there any changes of SRRI (Synthetic Risk Reward Indicator) in the last update?
- Are the KIIDs prepared for each class or are there any KIIDs for more than one class?
- In which way the Management Company ensure that investors have this pre-contractual document?
- Is the KIID provided even in subsequent investments?
- Is the KIID provided to retail and institutional investors?
The Indeep Fund Director