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ARTICLE · 01 APRIL 2014

Updated ESMA Q&A On Its Guidelines On ETFs And Other UCITS Issues

Dillon Eustace
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The European Securities and Markets Authority issued an updated Q&A document to give further clarity to certain aspects of its guideline document.

IrelandCorporate/Commercial Law
David Walsh
David Walsh
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On March 24th, 2014 the European Securities and Markets Authority (ESMA) issued an updated Q&A document to give further clarity to certain aspects of its guideline document published on December 18th, 2012 in relation to ETFs and other UCITS issues (the Guidelines). The Guidelines became effective on February 18th, 2013.

The updated Q&A document provides clarity in respect of two aspects of Financial Indices (Section XIII of the Guidelines) as further outlined below. The updated Q&A can be found here.

Financial Indices (Section XIII of the Guidelines)

Calculation Methodology

The Guidelines (paragraph 55) provide that a UCITS should not invest in financial indices for which the full calculation methodology to, inter alia, enable investors to replicate the financial index is not disclosed by the index provider. It further provides that such information should be easily accessible and free of charge.

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