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Iosco consults on point of sale disclosure for collective investment schemes

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The International Organisation of Securities Commissions’ Technical Committee has published a report proposing a set of principles for the disclosure of key information relating to collective investment schemes.

The principles are designed to assist markets and market authorities when considering point of sale disclosure requirements in their respective jurisdictions.

The six principles for the disclosure of key information in regard to collective investment schemes prior to the point of sale are:

1. Key information should include disclosures that inform the investor of the fundamental benefits, risks, terms and costs of the product and the remuneration and conflicts associated with the intermediary through which the product is sold.
2. Key information should be delivered, or made available, for free, to an investor before the point of sale, so that the investor has the opportunity to consider the information and make an informed decision about whether to invest.
3. Key information should be delivered or made available in a manner that is appropriate for the target investor.
4. Disclosure of key information should be in plain language and in a simple, accessible and comparable format to facilitate a meaningful comparison of information disclosed for competing products.
5. Key information disclosures should be clear, accurate and not misleading to the target investor. Disclosures should be updated on a regular basis.
6. In deciding what key information disclosure to impose on intermediaries and product producers, regulators should consider who has control over the information that is to be disclosed.

The Technical Committee is seeking input from financial services practitioners, industry participants and other relevant stakeholders.
 
The closing date for responses is 16 February 2010.
 

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