AIMA

The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

ETFs and Structured UCITS

On 22 July 2011, ESMA published a discussion paper seeking preliminary views on the potential shape of future regulation of ETFs and structured UCITS, as it considers that the current regime is insufficient to take account of the particular risks associated with these types of funds. ESMA identified that, despite being defined as non-complex products under MiFID, some UCITS funds are increasingly implementing new management strategies more often associated with hedge funds, with references being made to the ‘retailisation’ of hedge funds. ESMA published its final Guidelines in December 2012.


Consultation documents

ESMA consultation paper - ESMA’s guidelines on ETFs and other UCITS issues (January 2012)

Discussion paper - ESMA’s policy orientations on guidelines for UCITS Exchange-Traded Funds and Structured UCITS (July 2011)


AIMA documents

Response to ESMA's consultation on guidelines on ETFs and other UCITS issues (September 2012)

Summary - ESMA Guidelines on ETFs and other UCITS issues (July 2012)

Response to ESMA's consultation on guidelines on ETFs and other UCITS issues (March 2012)

Summary - ESMA's Guidelines on ETFs and other UCITS issues (February 2012) 

Response to ESMA Consultation on Guidelines for UCITS Exchange-Traded Funds and Structured UCITS (September 2011)


Other relevant documents

ESMA Q&As on  Guidelines on ETFs and other UCITS issues (July 2013)

ESMA final guidelines on ETFs and other UCITS issues for competent authorities and UCITS management companies (December 2012)

Final Guidelines - Report and Consultation paper: Guidelines for ETFs and other UCITS issues (July 2012)

CESR Guidelines on the Selection and presentation of performance scenarios in the Key Investor Information document (KII) for structured UCITS (December 2010)

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  1. AIMA's Policy Principles
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      1. AIFMD
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      3. MiFID / MiFIR
      4. UCITS
        1. ETFs and Structured UCITS
      5. Venture Capital
      6. Shareholder Rights Directive
    2. US Hedge Fund Adviser Regulations
      1. Registration and Reporting
      2. Incentive-Based Compensation
      3. JOBS Act
    3. Asia Pacific Asset Management regulation
    4. Other Jurisdictions’ Asset Management Regulation
    5. Regulation of NBFCs / SIFIS
    6. Supervision
      1. UK regulatory reform
      2. European Supervisory Authorities
      3. US Self-Regulatory Organisations
    7. Remuneration
      1. UK
      2. US
      3. CRD IV and CRR
      4. AIFMD
      5. MiFID
    8. Shadow Banking
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      6. Germany
      7. CFTC Automated Trading
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      1. Solvency II
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      2. Indices as Benchmarks
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    6. Investment Manager Exemption
    7. UK Offshore Funds Regime
    8. Other
  5. Search
  6. Resources
    1. Guidance Notes
    2. Jurisdictional Guides
    3. Noticeboard
      1. BEPS
      2. Dealing Commission
      3. Derivatives
      4. FATCA
      5. FTT
      6. High Frequency Trading
      7. MiFID / MiFIR
      8. Other Hot Asset Management Topics
      9. Other Hot Markets Topics
      10. Position Limits
      11. Trading
      12. UK Partnership Tax Review
      13. Volcker Rule
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    5. Quarterly Regulatory Update
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