The Alternative Investment Management Association
Alternative Investment Management Association
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 has commenced work on the development of guidelines regarding ETFs and structured UCITS which will focus on investor protections issues and transparency.
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)
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)
CESR Guidelines on the Selection and presentation of performance scenarios in the Key Investor Information document (KII) for structured UCITS (December 2010)