ESMA Regulation - Discussion Paper - ESMA’s policy orientations on guidelines for UCITS Exchange-Traded Funds and Structured UCITS - July 22, 2011

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July 22, 2011

Summary of contents of the paper:
"This discussion paper sets out ESMA’s policy orientations on possible guidelines on the Undertaking for Collective Investment in Transferable Securities (UCITS), Exchange Traded Funds (ETFs) and structured UCITS. For UCITS ETFs, ESMA has identified the following topics for which guidelines should be developed:

  • Identifier;
  • Index-tracking issues;
  • Securities lending activities;
  • Actively-managed ETFs;
  • Leveraged ETFs;
  • Secondary market investors;
  • Quality and types of collateral received.

For structured UCITS, ESMA is of the view that the role of swap counterparties in total return swaps should be subject to specific safeguards as well as the use of strategy indices.

Responses to this discussion paper will help ESMA in narrowing down its policy approach. In light of the feedback received, ESMA will develop a consultation paper on proposed guidelines for UCITS Exchange-Traded Funds and structured UCITS."

ESMA will accept public comments on this paper until September 22, 2011.

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