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Since 1 July 2011 the Key Investor Document (KIID) has become compulsory for all UCITS funds, although a grandfathering clause permits delayed implementation through until July 2012. But as a survey from Deloitte Luxembourg reveals, the industry is not yet ready for this development. Lou Kiesch (picture), Partner and Christopher Stuart-Sinclair, Director at Deloitte, share their thoughts on the KIID: how it all began and where we stand now.
LFF: Who had the idea of developing a KIID in the beginning?
SS: That is probably one of the aspirations of the marketplace since inception. The idea as to how one can render transparent complex and different fund structures in such a way that the man in the street could understand what he was actually...
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