ESMA_QA_1081

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1081

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Regulatory Context

Regulation : UCITS

Level 1 Regulation: Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Disclosures

Subject Matter: Communication of KIID to investors

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Question

Submission Date: 01 September 2012

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

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ESMA Answer

Answer Date: 01-09-2012

[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 document was automatically extracted from the ESMA EMIR Q&A database.