Mon. Jul 13th, 2020

Planet Compliance

Innovation & Regulation in Finance

ESMA publishes updated UCITS Q&A

2 min read


The European Securities and Markets Authority (ESMA) has published an updated questions and answers (Q&A) document on the application of the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS).

The Q&A includes four new questions and answers on: regulated markets in Member States under the UCITS Directive, translation requirements in relation to the remuneration disclosure, reinvestment of cash collateral, and the commencement of periodical reporting pursuant to Article 13 of the Securities Financing Transactions Regulation (SFTR).

The purpose of this document is to promote common supervisory approaches and practices in the application of the UCITS Directive and its implementing measures. It does this by providing responses to questions posed by the general public and competent authorities in relation to the practical application of the UCITS framework.

The content of this document is aimed at competent authorities under UCITS to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by ESMA. However, the answers are also intended to help UCITS management companies by providing clarity as to the content of the UCITS Directive rules, rather than creating an extra layer of requirements.

This document consolidates into a single document all Q&As relating to the UCITS Directive previously issued by ESMA i.e. the Q&As on:

  1. the Key Investor Information Document (KIID) for UCITS (2015/ESMA/631);
  2. ESMA’s guidelines on ETFs and other UCITS issues (ESMA/2015/12);
  3. Notification of UCITS and exchange of information between competent authorities

(ESMA/2012/428); and

  1. Risk Measurement and Calculation of Global Exposure and Counterparty Risk for UCITS (ESMA/2013/1950).

These four Q&As are hereby repealed and replaced by this document.



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