On January 30, the European Securities and Markets Authority
issued an opinion on the minimum principles that management
companies must apply when establishing different UCITS share
classes. The opinion is aimed at ensuring a harmonised approach
throughout the EU, where different national approaches have been
observed up to now.
The opinion is addressed to national regulators including
Luxembourg's Commission de Surveillance du Secteur Financier
(CSSF), which has already endorsed it in a press release on
February 13. The CSSF expects Luxembourg-domiciled UCITS management
companies to take any necessary measures to comply with the
transitional provisions set out in the opinion, and any new UCITS
share classes created will have to comply with the principles. ESMA
says share classes that are not compliant with the principles may
continue to exist, but should close to investment from new
investors within six months of the opinion's publication, that
is, by July 30, 2017,
