EUROPE: CESR publishes responses received to Simplified Prospectus consultation

Monday June 4 2007

In April 2007, CESR published calls for evidence on UCITS Distribution, the Simplified Prospectus and Key Investor Disclosure for UCITS.

These consultations have now closed and CESR has published the responses received. These can be found at the above link.

The background to this is the European Commission’s work on enhancing the framework for European investment funds and in particular their objective of replacing the existing Simplified Prospectus with short, meaningful explanations of the risks, costs and expected outcomes associated with investment in a UCITS fund / sub-fund. The Commission has requested CESR support for this.

Phase I of this work involves codifying an “ideal” set of requirements which succinctly and effectively communicates risk, cost and possible outcomes to the end-investors. This should be completed by end of 2007

The responses received to CESR’s Call for Evidence can be found at the above link.