On 22 July 2011, ESMA issued a discussion paper setting out
policy orientations on possible guidelines for structured UCITS.
The discussion paper also addresses UCITS exchange traded funds and
the Asset Management and Investment Funds Group has produced a
separate update in relation to the discussion paper as it applies
to exchange traded funds, please click
here to access our update.
The rapid development of the UCITS product as a powerful global
brand has been accompanied by extensive evolution, post UCITS III
and the Eligible Assets Directive (2007/16/EC), in the investment
strategies of the UCITS product and the relative complexities of
those strategies. The discussion paper is part of ESMA's review
of the impact which structured UCITS may have on investor
protection and market integrity. Having reviewed the regulatory
regime to which structured UCITS are subject, ESMA believes that
the existing requirements are not sufficient to take account of the
specific
