Introduction of the Key Investor Information document (or KII) in place of the Simplified Prospectus is one of the changes which is being introduced under UCITS IV. Asset managers should now be considering how to draft their KII documents. The recast UCITS Directive must be implemented in Member States by 1 July 2011 and UCITS funds must, subject to some detailed transitional provisions for existing funds, have a KII prepared by 30 June 2012 at the latest. With the publication of the FSA's proposals for transposition of the UCITS Directive into the UK, including their proposals for the investor disclosure documents, UK Fund Managers can now work on the detail of their new KII documents and their introduction. It is confirmed that the UK will be granting the full transitional period running to 30 June 2012.