UCITS Regulation - Paper - ESMA’s guidelines on ETFs and other UCITS issues - January 2012

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January 30, 2012

This consultation represents the next step after the policy orientation guidelines from July 2011. It sets out ESMA’s proposals for guidelines on UCITS ETFs, index-tracking UCITS, efficient portfolio management techniques, total return swaps and strategy indices for UCITS. Among the topics:

  • Index-tracking UCITS: This section includes draft guidelines on the disclosure required in the prospectus and annual and biannual reports of index-tracking UCITS.
  • Index-tracking leveraged UCITS: This section sets out draft guidelines on the disclosure required in the prospectus and Key Investor Information Document (KIID) of index-tracking leveraged UCITS.
  • UCITS Exchange-Traded Funds: This section covers draft guidelines for UCITS Exchange-Traded Funds, including the definition of UCITS ETFs and the use of an identifier by such funds, disclosure requirements for actively-managed UCITS ETFs and rules for protecting investors dealing on secondary markets.
  • Efficient portfolio management techniques: This section set outs draft guidelines on the employment of efficient portfolio management techniques by UCITS and on the related disclosure requirements.
  • Total Return Swaps: This section clarifies the rules applicable to UCITS entering into total return swaps and the related disclosure requirements.
  • Strategy indices: This section sets out draft guidelines for UCITS gaining an exposure to strategy indices.
  • Transitional provisions: This section clarifies the transitional provisions for the entry into force of the future guidelines.

The entire document can be found below.


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