AIMA

The Alternative Investment Management Association

Alternative Investment Management Association

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 has commenced work on the development of guidelines regarding ETFs and structured UCITS which will focus on investor protections issues and transparency.

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 (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

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. EU Asset Management Regulation
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    2. US Hedge Fund Regulation
      1. Registration and Reporting
      2. Incentive-Based Compensation
    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. AIFMD
    8. Shadow Banking
    9. Volcker Rule
    10. Other
  2. Markets Regulation
    1. Bank/Capital Regulation
      1. Capital Requirements Directive
    2. Derivatives/Clearing
      1. EMIR
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Dodd-Frank Act Title VII
      5. Hong Kong
      6. IOSCO
    3. High Frequency Trading
      1. ESMA Guidelines
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Flash Crash
      5. IOSCO
    4. Insurance Regulation
      1. Solvency II
    5. Market Abuse
      1. MAD / MAR
    6. Position Limits
      1. MiFID / MiFIR
      2. CFTC
    7. Resolution of Financial Institutions
    8. Short Selling
      1. EU Short Selling Regulation
      2. Hong Kong Short Sellling Regulation
      3. US Short Selling Regulation
      4. Short Selling Bans
    9. Trading
      1. MiFID / MiFIR
      2. Dodd-Frank Act
  3. Tax Affairs
    1. EU Savings Directive
    2. FAIFs and FINROFs
    3. FATCA
    4. FIN 48 and IAS 12
    5. Financial Transaction Tax
    6. Investment Manager Exemption
    7. UK Offshore Funds Regime
    8. Other
  4. Search
  5. Resources
    1. Noticeboard
      1. Bribery Act
      2. EU Directive on Alternative Investment Fund Managers
      3. EU Directive on Alternative Investment Fund Managers - Level II
      4. EU Directive on Markets in Financial Instruments (MiFID)
      5. FATCA
      6. FTT
      7. FSA Remuneration Code
      8. General
      9. Market Abuse Directive
      10. MF Global
      11. Securities Law Directive
      12. Short Selling
      13. UK Stewardship Code
      14. US Dodd-Frank Wall Street Reform and Consumer Protection Act
    2. Guidance Notes
    3. Quarterly Regulatory Update
 
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