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ARTICLE · 19 JANUARY 2015

ESMA Discussion Paper On UCITS Share Classes

Dillon Eustace
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We urge promoters of multi-class UCITS products to consider this Discussion Paper.

European UnionCorporate/Commercial Law
Cillian Bredin
Cillian Bredin
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The European Securities and Markets Authority ("ESMA") published a discussion paper on UCITS share classes on 23 December, 2014 (the "Discussion Paper") setting out its views on:

  • what constitutes a UCITS share class;
  • how UCITS share classes should be distinguished from sub- funds of UCITS; and
  • suggested approaches to share class differentiation.

ESMA stated that it published the Discussion Paper due to what it says are "diverging practices" across Member States regarding whether, and to what extent, share classes within a given UCITS or their sub-funds can vary from one another. ESMA says that it wishes to develop a common understanding as to what should be deemed to constitute a UCITS share class and to what degree share classes should be capable of differentiation.

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