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Glossary

Key Information Document (KID)

The Key Information Document is a short, standardised document that a producer must draw up in advance when a financial instrument is offered to retail clients (Art. 58 para. 1 FinSA). It contains the information that is material for making an informed investment decision and for comparing different instruments (Art. 60 para. 1 FinSA).

At a glance

  • The duty arises when a financial instrument is offered to retail clients and falls on the producer, not the distributor (Art. 58 para. 1 FinSA).
  • No key information document is required for instruments that retail clients may acquire exclusively within a discretionary mandate (Art. 58 para. 2 FinSA).
  • Equities and equivalent participation rights, as well as debt securities without derivative character, are also exempt (Art. 59 para. 1 FinSA).

Frequently asked questions

No. No key information document is required for financial instruments that retail clients may acquire exclusively within a discretionary mandate (Art. 58 para. 2 FinSA). What decides it is the distribution form: if the same solution is also offered outside a mandate, the duty arises.

Sources: FINMA · Systematische Rechtssammlung (fedlex)