UCITS

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ESMA publishes updated AIFMD and UCITS Q&As

The European Securities and Markets Authority (ESMA) has published updated questions and answers documents (Q&A) on the application of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS). Both Q&A’s include one new question and answer each on: AIFMD: cross-border marketing of EU AIFs by …

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ESMA advocates common principles for setting up share classes in UCITS funds

The European Securities and Markets Authority (ESMA) has today issued an Opinion on the extent to which different types of units or shares (share classes) of the same UCITS fund can differ from one another, having found diverging approaches in different EU countries. UCITS can be sold to retail investors throughout the EU. However, there …

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ESMA clarifies UCITS investment limits

The European Securities and Markets Authority (ESMA) has published an updated questions and answers document on the application of the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS). The revised Undertakings for Collective Investment in Transferable Securities (UCITS) Directive puts in place a comprehensive framework for the regulation of harmonised investment funds within …

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ESMA issues Guidelines on Remuneration Practices under UCITS and AIFMD

The European Securities and Markets Authority (ESMA) has published today two sets of Guidelines: Guidelines on Sound Remuneration under UCITS (UCITS Remuneration Guidelines) and Guidelines on Sound Remuneration under the AIFMD (AIFMD Remuneration Guidelines). UCITS Remuneration Guidelines The UCITS Remuneration Guidelines provide clarity on the requirements under the UCITS Directive for management companies when establishing …

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ESMA publishes updated UCITS Q&A

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 …

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EBA launches data collection to support the new prudential framework for investment firms

The European Banking Authority (EBA) launched today a data collection aimed at supporting the response to the European Commission’s Call for Advice on a new prudential framework for MiFID (Markets in Financial Instruments Directive) investment firms, which should be less complex, more risk sensitive and more proportionate than the current regime. For the purpose of this …

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ESMA publishes Discussion Paper on UCITS share classes

The European Securities and Markets Authority (ESMA) has today published a discussion paper on UCITS share classes (the DP). The Undertakings for Collective Investment in Transferable Securities (UCITS) Directive recognises the possibility for UCITS to offer different share classes to investors but it does not prescribe whether, and to what extent, share classes of a …

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ESMA publishes updated UCITS Q&A

The European Securities and Markets Authority (ESMA) has published an updated questions and answers document (Q&A) on the application of the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS). The Q&A includes a new question and answer on UCITS investment in UCITS feeder funds. The purpose of the Q&A document is to promote …

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ESMA publishes UCITS remuneration guidelines

The European Securities and Markets Authority (ESMA) has published its final Guidelines on sound remuneration policies under the UCITS Directive and AIFMD. ESMA has also written to the European Commission, European Council and European Parliament on the proportionality principle and remuneration rules in the financial sector. The UCITS Remuneration Guidelines provide clarity on the requirements …

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UCITS V to become effective tomorrow

The fifth Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive (“UCITS V”) of the European Union is to become effective tomorrow on 18th March 2016. The new rules aim to further strengthen the interests of investors, but also make amendments with regard to remuneration and introduce administrative sanctions. With less than 24 hours left …

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