Manual for KIID
Manual for Swedish investment funds - KIID (Key Investor Information Document)
INTRODUCTION
In accordance with the Swedish Investment Funds Act all investment funds must have an up-to-date key investor information document, hereafter referred to as KIID. This KIID must contain basic and easily understood key information needed for an investor to be able to evaluate the fund. The KIID must be provided to all customers before purchase and be available on the fund management company’s website.
The purpose of the KIID is for the essential information to be presented to the investors in a simple manner. The KIID is to be uniformly drafted in order to facilitate comparison between funds. In order to achieve this, the European Commission has decided that the content in the KIID shall be governed by a regulation which is directly applicable in all the Member States. However, the Regulation is difficult to interpret and, in addition, the Swedish translation contains some lengthy and bureaucratic expressions. The Committee of European Securities Regulators ("CESR") has drafted recommendations which commendably accentuate and exemplify the spirit of the KIID, namely in presenting the fund in a clear and simple manner for investors. The Swedish Investment Fund Association (“SIFA”) has had great use of CESR's recommendations in respect of the language and layout in the KIID in the drafting of this manual and the document is appended in its entirety in appendix 4.
With this manual, SIFA would like to contribute to investors receiving the best possible tool to use in making their investment decisions. The purpose of the manual is to provide support to fund management companies in drafting KIIDs and interpreting the Regulation.
The manual is originally produced in Swedish. The English translation of the manual aims at providing guidance when KIID for funds established outside Sweden is translated for the Swedish market.
Read the complete manual here.
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