Key Investor Information
Document (KIID) Distribution
KIID’s were introduced as a mandatory requirement for all newly launched UCITS funds from July 2011 and for all existing UCTIS funds from July 2012. KIID’s must be provided to investors ‘pre-sale’ and hence ensuring all fund platforms and distribution channels have the correct document at point of sale was a substantial challenge facing the Asset Management industry.
Today FundsLibrary dominates the UK KIID distribution market providing a central UK hub which powers over 90% of fund platforms by AUM. The FundsLibrary KIID distribution service is fully integrated into the majority of the UK platforms ensuring any KIID updates from fund groups are instantly reflected on each platform. In addition any distribution channels not
automatically covered by FL can be serviced via a custom email alert system allowing 100% distribution coverage for fund groups.
Introduction & Background
FundsLibrary is the UK’s leading distributor of
Key Investor Information Documents (KIIDs).
A specially designed interface offers fund groups
the ability to easily upload, view and manage
their KIIDs for an entire range of funds, which
are then distributed directly to Fund
Supermarkets and Platforms including
Hargreaves Lansdown, Cofunds, Fidelity,
Skandia, and many more.
KIID timetable
1 July 2011 - All NEWLYLAUNCHED UCITS funds domiciled in Europe are required to have a KIID.
1 July 2011 30 June 2012
-During this time all UCTIS funds domiciled in Europe are required to replace Simplified Prospectus with KIID.
1 July 2012 - All UCITS funds
domiciled or distributed within Europe should have replaced Simplified Prospectus with KIID’s.
The FundsLibrary KIID Manager
How the Service Works
The ‘FundsLibrary KIID Manager’, is a specially designed web interface offering fund groups the ability to easily upload, view and manage their KIIDs for an entire range of funds.
Key Features
> View entire fund range on one screen
> Latest ‘live’ documents listed by fund share class
> Automatic accuracy checks (using URL links)
> Automated Email Alert Service when new documents found
> Release documents either for: - instant distribution {or} - automatic release at a
specified date in the future > Flexible uploading, either as a
large group of documents or individual documents by fund share class
> Automatic document status reminder and release emails enabling effective
management
> Overview of document usage (See which platforms are using your documents)
Process Map
Fund
Provider
KIID Manager
Automated email
alert service
Submission
Monitoring & Control
Monitoring & Control
Distribution
Plus many other distributors
How do I get my KIIDs onto FundsLibrary?
When registering with FundsLibrary you are assigned a User Login and Password for your Fund Group to access the ‘FundsLibrary KIID Manager’. This user friendly interface is linked directly to our central database which enables simple uploading and effective management of documents. The interface has the capability to add documents either for instant distribution or for automatic release at a specified date in the future.
The Upload Process
> Go to FundsLibrary Admin Site and log in using credentials supplied by your FundsLibrary contact
> You will now see a listing of your funds at the share class level, showing the latest ‘live’ KIID that has been uploaded. If no KIID has been uploaded this will be blank:
> To upload a KIID, click the “Add New” button next to the relevant fund share class and select the corresponding internal .PDF file from your PC. Set the date that the KIID should be available from using “Release Date” and click the “Upload” button.
Bulk & Automated uploads
In addition to the manual upload process, it is also possible to efficiently upload a zip file of documents in one go. The file name must match the following format which contains the ISIN or SEDOL and the release date of the document for this to work:
KIID Submission
ISIN_dd.mm.yyyy (e.g. GB00B1X05659_22.05.2011)
OR
SEDOL_dd.mm.yyyy (e.g. B1X0565_22.05.2011)
The documents can then be copied into the onscreen folder and loaded into the database.
KIIDs have an irregular update cycle. A new document must be released at the start of each year, no later than 35 business days after year end, but during the following 11 months the document may change many times, or not at all depending on the emergence of material fund changes.
This irregular release schedule has prompted many fund platforms to request that fund managers validate KIID’s regularly to ensure the distributors are utilising the correct KIID document when selling funds. This process is monitored through FundsLibrary by giving each document a Red-Amber-Greenstatus, based on a monthly validation cycle.
FL request that fund groups confirm all KIID’s are accurate quarterly. Any documents which have not been validated within 90 days will be regarded by FL as “as risk”. Our objective is to have a process that is both workable for fund groups yet provides a robust process ensuring KIID’s are kept bang up to date.
The refresh icon <> allows the user to quickly reset (validate) the date of the document to today’s date. This facility is removed for suspended documents and for all documents during January when we know that a new document is due.
Documents are suspended when they are known to be too old (i.e. if the accurate date of the
documents is from the previous year then the document will be suspended 35 business days following year end). On the user interface, the different status options are displayed as follows:
Monitoring & Control
0 31 90
Valid Stale At risk
Valid
Stale
At risk
Automated Email Alert Service
Any change to a document, or a document’s status, will be communicated to you ‘the user’ via a series of automated e-mails making management of documents easier. You will receive an e-mail:
> 24 hours before a document is due to be released > When a new document is released
> When a document becomes ‘at risk’
> In January each year when new documents are required
> 5 days before a document is due to be suspended (30 business days after year end)
> 24 hours before a document is due to be suspended (34 business days after year end)
> When a document is suspended (36 days after year end) > Periodically, for review
Next Steps
What are the charges for using this service?
The FundsLibrary KIID distribution service is one aspect of the wider FL Content License agreement which typically covers distribution of additional document types, portfolio data and static fund data.
Please find appropriate contacts below who can provide full information.
Can I start using the FundsLibrary KIID Manager now?
Fund Groups require a valid Content Agreement in place with FL before using the KIID distribution service.
Who do I contact for more information?
To request login access please contact the Data Team below. For further information or any general queries please use the contact details below.
Contact Details
Data Team: for user accounts / general enquiries:
E-mail: [email protected] Phone: 0117 980 9994
Licensing
:Steve Elford: 0117 980 9842 [email protected]