Fund document translation with every regulated phrase word for word and every figure proven
Every language out the same week as the English, each regulated phrase word for word.
See one case, screen by screen ↓Fund document translation is the regulatory translation of a fund's KID, factsheet, commentary, reports and shareholder notices into the language of every market where the fund is sold, with each market's regulated wording and number format. Fund Document Translation adds seven agents that translate only what changed, hold each regulated phrase word for word, translate every paragraph back into English to check meaning and prove every figure. A reviewer in each market approves, and Marketing Compliance releases.
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A cross-border fund is sold in every country where it is registered, and each country wants its documents in its own language: the PRIIPs KID by law, and in practice the monthly factsheet, the portfolio manager's commentary, the reports and every shareholder notice. A manager with 64 funds sold across Europe owes well over a thousand language versions a month. Today they go to translation agencies in batches once the English is signed off, come back days later, and are checked by in-country colleagues, such as a client service director, who have day jobs of their own.
The risk is in what nobody has time to check. A KID translation must faithfully reflect the original, yet nobody translates back to see whether “trimmed” became “sold out”. Nobody proves every decimal comma or catches transposed digits in a performance scenario. The past-performance warning drifts into paraphrase in a language no one on the compliance team reads, a one-sentence English edit costs another agency round, and when a regulator asks, there is no record of which approved wording went out, or who changed what and why.
Estimated split for a monthly factsheet, KID and commentary cycle at a manager with about 60 cross-border funds, with agency rounds and with the solution.
Seven agents translate only what changed, hold each market's regulated phrases, translate back to check meaning and prove every figure; an in-country reviewer approves and Compliance releases.
It is Wednesday, October 7, business day 5 of the September cycle at Quillfield Capital. The European Sustainable Leaders Fund factsheet, Class A EUR Acc, ISIN LU2614309872, owes 14 market versions by Thursday, 17:00 London. Here is how the agents and the people work through it, screen by screen, in the working solution.
Hannah's Today screen shows 1,284 language versions this cycle, 1,031 published, 168 with reviewers and 24 that need a person. On the left is a conversation with the agents. The Coordinator agent says German, Polish and Greek are at risk of tomorrow's deadline. The Back-translation agent says German paragraph 12 has the fund selling out of semiconductors when the English says trimmed. Messages carry buttons to act on them: open the German factsheet, or route the six Greek versions to the overflow agency while the Greek reviewer is on leave.
Coordinator agent: “I settled 15 of yesterday’s exceptions with the rules you approved; 24 need a person.”
The Coordinator agent read the fund registration system: FS-0917 owes 14 market versions. The Intake agent compared the English with the approved August version and found 4 changed paragraphs, so only those were translated and 140 approved paragraphs were reused untouched. Then the Terminology agent checked 128 locked phrases, the Back-translation agent translated 196 paragraphs back on a different model, the Numbers agent checked 434 figures against the performance system and the Layout agent rendered 28 pages. Each step shows its confidence and what it read.
Limits the agents keep: “Never approve or release; people do.”
In the parallel translation view the English sits on the left and German (Germany) on the right, paragraph by paragraph, with one tab per market. Under every translated paragraph is its back-translation into English and a drift score. The draft says the position was „aufgelöst“, which reads back as “closed out”: drift 0.62 against a threshold of 0.25, though the Translation agent was 91% confident. The agent proposes „reduziert“, citing the approved August factsheet and glossary entry G-DE-214.
“The English says the fund trimmed its semiconductor position … the fund did not sell out.”
Regulated phrases show as locked chips inside the text. The German past-performance statement is T-DE-001, Compliance's approved wording v3: „Die Wertentwicklung in der Vergangenheit ist kein verlässlicher Indikator für künftige Ergebnisse.“ Its source is ESMA's guidelines on marketing communications, ESMA34-45-1272 ¶47, and MiFID II Delegated Regulation 2017/565 Art. 44(4)(e), and it is used in 187 versions this cycle. The registered fund name and ISIN are locked the same way.
“Nobody edits it in place, people or agents: a change goes through a proposal and Compliance approval (two people).”
Lena Vogt, the in-country reviewer for the German markets in Basel, accepts the „reduziert“ fix with a reason code. That leaves one thing. The caption reads „12.4%“, but in Germany it must read „12,4 %“, with a decimal comma and a space before the percent sign. The value itself matches the performance system's record, 12.4, signed October 5. In German (Switzerland) the same figure correctly reads 12.4 %.
Numbers agent limit: never changes a figure silently, and a mismatch always blocks release.
Approve German (Germany) stays disabled until every finding is settled. Lena picks the reason, “All findings settled; reviewed in full”, and approves. The version goes to Marketing Compliance for release, and the approval, with her reason, goes on the record.
“You are the language checker for this version. Marketing Compliance releases it after you; you cannot release it yourself.”
Austria and Switzerland have the same paragraph 12. The agent offers to apply „reduziert“ there too and shows both versions first: back-translation drift after the change is 0.04, the figures are unchanged, and the Swiss number format is kept (12.4 %). Lena applies it to both, and both versions are then ready for her approval.
“Nothing changes until you confirm.”
On the German KID of the Global High Yield Bond Fund, the Translation agent keeps „Swing Pricing“ as the market uses the English term (88% confident). The Terminology agent proposes „Swing-Pricing-Verfahren“, the wording in the German prospectus §14. Both read back as “swing pricing”. The exceptions screen shows each agent's reading with its sources and asks the German reviewer which term the KID should use, and that decision can become a glossary rule once Compliance approves it.
On the same fund's KID in French (Belgium), the moderate scenario after one year reads “9 421 €”. The English and the KID data of record say €9,412. The format is right, but the digits are transposed: the Translation agent drafted from memory of the August KID. Asked why it flagged it, the agent answers with both readings and their sources. The figure can be corrected or sent back to Product Governance, but it cannot be kept.
“We did not pick one quietly.”
In Sign-off, Claire sees each document's approved versions with an evidence pack: the texts, every finding with its decision and reason, the figures checked and the locked phrases held. She releases six European Sustainable Leaders versions approved by five in-country reviewers to the content library, the fund website for each country and the distributor data feed, with a reason code. The other markets follow as their reviewers approve.
“You are the second person on every version: in-country reviewers approved the language; you release.”
The same factsheet, seen by five of the people who carry it, from the English to fourteen markets. What month-end looked like, and what it looks like now.
Seven agents translate only what changed, hold each market's regulated phrases, translate back to check meaning and prove every figure; an in-country reviewer approves and Compliance releases.
Plans each cycle from the fund registration system, decides which languages each document owes, routes each version to its reviewer by market and time zone, watches the deadline, reopens only the changed paragraphs after a late English edit and assembles the release pack.
Picks up English sources from the content library, the factsheet and KID production systems and document management, identifies fund and share class, finds the paragraphs that changed since the last approved version, and reads scans.
Drafts each market version paragraph by paragraph from the translation memory of approved translations and the market's style guide, in the formal register (Sie, vous, Lei, usted).
Runs terminology management for every market: holds the locked regulatory phrases to Compliance's approved wording, applies the glossary, blocks paraphrase and proposes missing entries with their source, such as the first Czech past-performance phrase.
Translates every paragraph back into English on a different model family from the Translation agent, scores meaning drift and explains it in plain words.
Proves every figure, date, currency, ISIN and percentage equals the source and the fund data of record, in the market's number format, and that figures match the KID.
Renders each version in its template, checking the KID stays within 3 pages and the factsheet within 2, and proposes shorter approved wording when text overflows.
Approves; Compliance releases. The agents propose; a named person decides.
Every screen has the agents' conversation: ask about any fund document, language or reviewer, or tell them what to do. They answer with sources and show you before they act.
Which language versions could miss tomorrow's deadline?
Three reviewers are at risk for Thursday 17:00 London. German: Lena Vogt has 38 to review and 4 to decide; at her pace she finishes Thursday 19:00. Polish: Joanna Wiśniewska, 9 plus 3 with findings, in a workshop until 14:00. Greek: Eleni Pappas is on leave; 6 due. Moving 12 German KIDs to Friday (KIDs are due Friday) and routing Greek to the agency keeps the cycle on time.
Was any past-performance warning changed this cycle?
No. Every published version that carries a past-performance statement uses its market's approved wording, word for word: 0 of 9,368 locked phrases altered this cycle. For German that is T-DE-001 v3. One market has none yet: Czech, waiting for Compliance.
Why reduziert?
“Trimmed” means a partial sale. „Aufgelöst“ means the position was closed; translated back it reads “closed out” (drift 0.62). „Reduziert“ is the approved rendering in the August German factsheet and glossary entry G-DE-214; back-translation drift with it: 0.04.
Route the Greek versions to the agency reviewer
Katerina Stavrou at Lexio Partners reviewed 31 Greek versions for us in August with none returned. I prepared the routing: she gets access to the six documents only, until Monday, and Compliance still releases them. Confirm it in the dialog.
13 screens from the working solution, on its sample data. Pick one to see it large.
What goes to a person, what always blocks release and how each market is written are settings. Changes are versioned, and sensitive ones, such as a threshold, need a second approver.
| Setting | Default | Choose from |
|---|---|---|
| Meaning drift that needs a person | 0.25 | Any value from 0 to 1; Compliance approves the change |
| Translation confidence that needs a person | 0.85 | Any value from 0 to 1; Compliance approves the change |
| Scanned-text read confidence | 0.85 | Any value from 0 to 1; below it, the Intake agent sets the file aside |
| Always block release | Figure mismatch · altered locked phrase · page overflow · translated fund name or identifier | Always on |
| Register | Formal in every market | Sie · vous · Lei · usted · u · Vy |
| Bulk approval | Factsheet versions with all text reused and no findings | Policy BA-1 |
| Turnaround per language | Factsheet 1 business day · KID 2 · notice 3 · annual report 5 | Reminders at 50% and 80% of the clock; escalation at 100% |
| Data residency | EU documents in the EU region · UK in the UK · Hong Kong in Asia | Processed and stored by region; nothing used to train models |
Every figure is labelled: a target the solution is built to, an estimate, a typical published result, or a proven one.
“demo” = seen in the working solution, on its sample data · “target” = the design goal, measured in the live solution · “estimated” = our estimate · “typical” = published figures (PRIIPs Regulation (EU) No 1286/2014: Art. 6(4) on the KID's three sides of A4, Art. 7 on language and faithful translation, Art. 24 on maximum administrative fines for a firm of at least €5 million, or up to 3% of annual turnover; ESMA34-45-1272 ¶47–48 on the past-performance and currency warnings). People, funds, firms, ISINs and figures named on this page are fictional: characters and sample data in the working solution.
Fund document translation is the regulatory translation of a fund's KID, factsheet, commentary, reports and shareholder notices into the language of every market where the fund is sold, with each market's regulated wording and number format. Fund Document Translation adds seven agents that translate only what changed, hold each regulated phrase word for word, translate every paragraph back into English to check meaning and prove every figure. A reviewer in each market approves, and Marketing Compliance releases.
Since January 1, 2023, a UCITS KID follows the PRIIPs Regulation, which replaced the old KIID: it is written in an official language of each country where the fund is distributed, or one its regulator accepts, and a translation must faithfully reflect the original. The Coordinator agent reads your fund registration system to decide which languages each document owes. For the European Sustainable Leaders Fund in the working solution, 12 countries give 14 market versions, because Switzerland takes German and French, and Belgium French and Dutch.
Back translation turns the translated text back into English so a reviewer can see whether the meaning moved. Here the Back-translation agent does it for every paragraph, on a different model family from the one that translated it, and scores the drift. Above 0.25 the paragraph goes to the reviewer: in the working solution, „aufgelöst“ read back as “closed out” where the English said trimmed.
Each market's regulated phrases, such as the past-performance and currency warnings from ESMA's marketing communications guidelines, the KID title, the marketing communication statement and the SFDR Article 8 wording, are locked to Compliance's approved wording, with the rule they come from and a version. The Terminology agent holds them in every draft and blocks paraphrase. A change is proposed with its source and approved by Compliance, never by the person who proposed it.
The Numbers agent proves every figure, date, currency, ISIN and percentage against the English and the fund data of record, then checks it is written the way the market writes it: 12,4 % in Germany, 12.4 % in Switzerland. It also catches figures that look right but are wrong, such as transposed digits in a KID performance scenario. A mismatch always blocks release.
No. The agents draft, check, flag and propose; they never approve or release. The in-country reviewer for each market decides every finding with a reason code and approves the language, and Marketing Compliance releases it as a second, different person. When two agents disagree, both readings go to a person with their sources.
Financial translation software and agencies treat financial document translation as files in and files out. Here the agents also check each other and show it: every paragraph is translated back with its drift score, every figure is proven against the fund data of record, locked phrases are held by market, and disagreements go to a person with both readings. It starts from your translation memory and glossary (TMX or XLIFF), translates only the paragraphs that changed, and every decision carries its reason in the audit trail.
The Agentic Solution Engine builds and deploys it from your requirements and documents: your fund registrations, approved translations, locked wording and a sample of past factsheets and KIDs. It goes live once every quality gate has passed. We will walk you through it on your own documents first.
Quarterly packs out by business day 3, not day 10, each figure tied to the book of record.
1-min demoFactsheet AutomationFactsheets out on business day 3, not day 10, with every figure and disclaimer checked.
1-min demoPortfolio Commentary GenerationEvery sentence tied to its attribution figure, and PMs review in minutes, not hours.
1-min demoWe'll run Fund Document Translation on a sample of your own factsheets, KIDs and commentary, in the languages you sell in.