1. An investment company and, for each of the unit trusts and common contractual funds it manages, a management company, shall publish a simplified prospectus which must be dated and its essential elements kept up to date.
2. The simplified prospectus shall contain in summary form the key information provided for in paragraph 11. It shall be structured and written in such a way that it can be easily understood by the average investor.
3. The Bank may permit that the simplified prospectus be attached to the prospectus as a removable part of it.
4. The simplified prospectus can be used as a marketing tool designed to be used in all Member States without alterations except translation. The Bank may therefore not require any further documents or additional information to be added.
5. The simplified prospectus may be incorporated in a document in writing, or in any durable medium having an equivalent legal status approved by the Bank.
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