No KIIDing - Hefty Fine from UK Regulator Underlines Importance of Compliance by UCITS

June 06, 2014

A fine of over £18 million was recently imposed by the UK regulatory body, the Financial Conduct Authority (the “FCA”), on a fund manager for a range of compliance breaches, including failing to ensure that its KIIDs were prepared in compliance with the applicable requirements. This update examines the regulatory obligations relating to KIIDs generally, the facts of this specific case and potential steps to be taken to ensure compliance based on the lessons from the case.

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