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Luxembourg CSSF circular implements ESMA guidelines on ETFs and other UCITS issues

March 2013 - Finance. Legal Developments by Chevalier & Sciales .

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The CSSF has published on February 18 Circular 13/559 implementing the guidelines published by European Securities and Markets Authority on 18 December 2012 for EU regulators and UCITS management companies on exchange-traded funds and other UCITS issues. The guidelines set out the information that such funds must publish in their prospectus, key investor information document and annual report, including monitoring of tracking error, the index replication method and leverage policy. For leveraged funds, the requirements include information on global risk calculation and management. For ETFs that engage in some sort of active management, how the investment policy is implemented must be specified.

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