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Deloitte Luxembourg’s KII survey: KII not yet implemented by 80% of survey participants in Luxembourg


Only one fifth of the active participants in cross border fund registration in Luxembourg planned to be ready with their first Key Investor Information document (KII), by 1 July 2011, launch date of UCITS IV.

To date, however, over 70% of the participants admitted to not having clarified their liability regarding KII with their legal advisor. These results emerged from a survey conducted by Deloitte Luxembourg between the first and second quarter of 2011, to assess the state of readiness of the market for the introduction of the KII and the considerations that are now arising.












Several additional interesting points arose from the analysis of the data collected:

•    50% of the respondents intended to wait until the latest possible deadline to publish a first KII (1 July 2012)
•    28% of the respondents intend to publish their KIIs in 7 languages and another 28% intend to publish them in over 10 languages
•    64% have decided to partially outsource the KII process, retaining control over certain aspects of the operation

According to Christopher Stuart-Sinclair, Directeur at Deloitte Luxembourg: “The obligation to produce a concise document for the benefit of investors received an overall approval, but attracted little more than a passing interest at first. As the deadline approaches, however, the challenge of such an undertaking begins to dawn.”

The scope of the KII is very ambitious, as it requires all UCITS to produce a standard two-page document that outlines the investment objectives, risk factors and other relevant information transparently and in plain language, allowing an investor to make a balances investment decision.


(Source: Deloitte)


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