ESMA · ESMA_QA_1081 Answer Published

Communication of KIID to investors

Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
Topic
Disclosures
Submitted
2012-09-01
Answered
2012-09-01
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Question

Should existing investors within a UCITS be provided with a KIID in the case of additional investments?

Answer

[ESMA 34-43-392 UCITS Q&A, section 2, Q&A 2a] Yes. Existing investors should be provided with a KIID in the case of additional investments, on the basis that the KIID is a pre-contractual document and each additional subscription is a new contract. However, where unit holders in a UCITS invest through a regular savings plan, a KIID is not required in relation to the periodic subscriptions, unless a change is made to the subscription arrangements, for example, increases or decreases in the subscription amount, which would require a new subscription form.
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This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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