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The failure of the Simplified Prospectus to capture hearts and minds was a disappointment for those in the fund management industry who were involved in its creation and promotion. It was a step in the right direction, but ultimately proved just as confusing as its full-length predecessor because of the inconsistencies in the way it was produced by different fund houses in different jurisdictions. It would have been understandable if the industry fearing more wasted effort - had been half-hearted in devoting resources to the Simplified Prospectuss successor, the Key Investor Information Document (KIID). The KIID was mandated under Ucits IV regulation and is being rolled out under the auspices of CESR. Its aim (if not its name) is simple: to provide - in two easy-to-read...
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