According to the UCITS IV Directive (2009/65/EC), Member States can decide whether or not to allow UCITS established in that State up to 12 months to implement the Key Investor Information. In trying to balance the scope for consumer confusion with the costs to be borne by management companies and ultimately consumers, CESR’s guidelines set out what it considers to be the appropriate approach that management companies should take during the transitional period. The guidelines will enter into force in line with the transposition deadline for the revised UCITS Directive (1 July 2011). ALFI wholly supports CESR’s proposals for transition. Please click here.