The European directives on Ucits 2 will be adopted in 2003
Key features documents (KFDs) for mutual fund sales are to disappear once the European directive on Ucits 2 is adopted. Ucits will override local bodies, who will have to amend regulations so investment firms comply with the directive. Under the current proposals, on course for implementation by mid-2003 at the latest, KFDs will be replaced by a simplified prospectus. The Ucits directive contains a list of attributes the prospectus must have, which includes past performance and charging information, but there is no requirement to provide forward projections, such as the reducti...
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