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ARTICLE · 16 JUNE 2020

Introducing The Pricing Process: New ESMA Guidance On Fund Costs Reporting

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On 4 June 2020, ESMA issued a Supervisory Briefing (the "Briefing") which will require UCITS management companies and AIFMs to produce a detailed 10-point "Pricing Process Report" for...

European UnionFinance and Banking
Maples Group
Maples Group
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On 4 June 2020, ESMA issued a Supervisory Briefing (the "Briefing") which will require UCITS management companies and AIFMs to produce a detailed 10-point "Pricing Process Report" for each UCITS / AIF it manages.

The report's purpose is to identify, quantify and assess all costs charged to the relevant fund.

New Regulatory Review Mechanism

The Briefing introduces a pricing review framework that will facilitate the review by national competent authorities ("NCAs") of how fund managers meet their regulatory obligation to prevent undue costs being charged to investors.

The range of data that must be captured in the Pricing Process Report is extensive.  It will need to be to put in place and maintained for new and existing funds.

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