Recital 1

(1)Article 78 of Directive 2009/65/EC of the European Parliament and of the Council ³ requires investment companies and management companies to draw up a short document containing key information about the essential characteristics of undertakings for collective investment in transferable securities (UCITS) offered to investors (‘key investor information’), so that those investors are reasonably able to understand the nature and the risks of the UCITS that is being offered to them and, consequently, to take investment decisions on an informed basis.