Funds' KIIDs compliance fears raised over Covid-19 volatility

40% UCITS funds approach KIID reissuance deadline

Volatility linked to the coronavirus pandemic means up to 40% of UCITS funds could need to reissue their key investor information documents (KIIDs) under current rules, according to FE fundinfo.

The fund data and technology company said regulatory rules mean a fund's KIID has to be updated and reissued if its synthetic risk and reward indicator (SRRI) is different to what has previously been stated for 16 consecutive weeks. FE fundinfo analysed its database at the start of June and found almost 1,200 UCITS share classes had experienced at least ten successive weeks of change, with more than 700 of these set to approach the 16-week deadline during the month. Firms face 'grey areas' as value for money rules come into force Head of regulations Mikkel Bates said the Covid-19 p...