Asset Publisher

Consob amends the Issuers' Regulation about key information that investment funds must disclose to savers (Press release of 22 December 2022)


The rules regarding the key information that investment funds must provide to savers are changing. From 1st January 2023 - according to the latest amendments to the Issuers' Regulations (resolution no. 22551 of 21 December 2022) approved by Consob implementing the EU legislation - the so-called Kid (Key Information Document), previously adopted for financial-insurance products and for closed-ended AIFs (Alternative Investment Funds), aimed at retail investors, will also apply to other fund categories, UCITS (Undertakings for Collective Investment in Transferable Securities) and open-ended AIFs, aimed at retail customers. Until the end of 2022, UCITS and open-ended AIFs, both benefiting from a specific exemption provided for by European legislation, instead apply another format of synthetic information document, the so-called Kiid (Key Investor Information Document), as prescribed by EU sector provisions.

Thus, the rules on synthetic information documents are standardized. Those that in a few pages describe the characteristics of the financial products offered, such as duration, return, risk-degree, for instance. From 2023, therefore, all types of Priips (Packaged Retail and Insurance-based Investment Products), i.e. hybrid financial products having a financial-insurance nature, aimed at retail customers, will be accompanied by key information disclosed according to the same model.

Exceptions are the offers of UCITS funds aimed at non-retail investors (the so-called "qualified" investors, such as banks and investment companies, for instance). In this case managers will be allowed to choose between Kid and Kiid.

  Press release PDF version

  Explanatory report on the results of the consultation launched on 17 October 2022 (available only in Italian)