On 8 September 2026, the AMF published a guide on improving the readability of Key Information Documents (KIDs) for retail investors. The guide responds to longstanding concerns that KIDs remain too dense and too technical for retail investors to understand easily.
Although the guide is non-binding and its recommendations are left to manufacturers' discretion, this guide is an important signal of the AMF's supervisory direction. The AMF itself suggests a flexible and progressive approach, with priority given to new products, the most widely distributed products, and those with the most complex strategies.
It should be noted, however, that the recommendations are intended to be implemented in compliance with existing EU regulations and are not aimed at undermining the forthcoming EU Retail Investment Strategy (RIS), which will amend the PRIIPs Regulation and reaffirm the requirement to provide investors with comprehensible information.
In summary, the guide sets out three non-binding recommendations, the implementation of which is left to the discretion of product manufacturers to assist in the readability and comprehension of the KID by a retail investor:
- Recommendation 1: Improve the visual presentation of the KID. The AMF encourages product manufacturers to design more attractive KIDs, incorporating a modern and airy layout, a two-column text arrangement, use of colours, larger and more readable fonts, and clearly identifiable headings. Digital formats should also respect readability principles, including responsive design adapted to the various devices commonly used by investors.
- Recommendation 2: Structure the "What is this product?" section with specific parameters. The AMF provides detailed formatting guidance for this section, including a maximum of 5,000 characters (with spaces), a two-column layout, recommended font types and sizes, minimum line spacing, paragraph length limits, and the use of colour. The section should end no later than the bottom of page 1.
- Recommendation 3: Adopt plain language principles. The AMF calls on product manufacturers to apply the principles of plain language when drafting the KID. In practice, this includes keeping sentences short (ideally under 20 words) and simply structured, using the active voice, avoiding double negatives, and choosing plain, precise vocabulary. Technical terms must be defined, acronyms spelled out on first use, and English-language vocabulary avoided where possible. The AMF also recommends providing access to a glossary via a hyperlink in the "Other relevant information" section of the KID.
For more information, consult the AMF guide, which can be found here. (NB: only available in French)
Authors: Annabel Massey, Partner; Mylan Signolet, Associate
