Should individual KIDs be prepared for each class of units or shares within a UCITS or AIF?

In accordance with Article 14b of the Delegated Regulation a separate KID shall be produced for each individual share class. However, information relevant to two or more share classes may be combined into a single KID provided the resulting KID complies in full with all KID requirements (including the limit on length). Also, a UCITS or AIF may select a class to represent one or more other classes of the UCITS or AIF provided the information in the KID is fair, clear and not misleading to prospective investors in those other classes. Where charging structures differ between classes, the share class with the highest total costs is the most appropriate representative share class to avoid the risk of understating costs. However, it is the responsibility of the UCITS or AIF to select the most appropriate representative share class having regard to the characteristics of the UCITS or AIF, the nature of the differences between share classes in the UCITS or AIF and the range of choices on offer to each investor.