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fundinfo Operating at Full Capacity in the Processing of KIIDs
June 29, 2012 |
Company | Front | KIID | News |
Vast number of Key Investor Information Documents to be processed
The deadline for supplying Key Investor Information Documents (KIIDs) is 1.7.2012, by which date the new documents must be available* for all funds sold in Europe. Given that KIIDs are produced for each ISIN and country individually, fundinfo is currently receiving an avalanche of documents that need checking and uploading in the shortest possible time frame.
While the average number of fund documents processed daily up until the end of 2011 was 4,000, the figure has rocketed to more than 60,000 documents per day in recent weeks: Many fund providers have decided to take full advantage of the one-year transition period and prepare and supply the new documents just a few weeks—or, in some cases, days—before the Deadline.
Our data and document management team is working full out to process the current deluge of fund documents as quickly and efficiently as possible. Unfortunately, however, bottlenecks are inevitable. fundinfo’s primary focus is on supplying KIIDs for large international fund distributors: we are doing our utmost to achieve the broadest possible coverage of fund documents relevant to large distributors by 1.7.2012 whilst ensuring that all fund providers are dealt with equally. For this reason, we are in close contact with distributors in order to manage priorities as best as possible.
Delivery of documents to fundinfo
fundinfo operates the leading hub for the dissemination of original fund documents in Europe and Asia. In order to ensure the highest quality, when the platform was launched, we decided, and made a commitment to our distributors, to collect fund documents exclusively from fund companies or their sources.
However, in order to overcome the current bottleneck in document processing, in a departure from the current rule, we shall be allowing solutions agreed on a case-by-case basis and, in individual cases, shall be processing KIIDs from other sources as well for initial deliveries during a transition periodending mid September. After this transition period has elapsed, we shall revert to the original rule and collect fund documents only from fund companies or their sources.
————————— *For Swiss-domiciled funds approved prior to 15 July 2012, the transition period will end on 14 July 2014.