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 published its final Guidelines in December 2012.
Summary - ESMA's Guidelines on ETFs and other UCITS issues (February 2012)