ESMA Publishes Consolidated Guidelines On ETFs And Other UCITS Issues

Introduction

In our briefing paper of 11 September we explained that the European and Securities Markets Authority (ESMA) had issued guidelines for certain types of Undertakings for Collective Investment in Transferable Securities (UCITS), including UCITS Exchange- Traded Funds (ETFs), and other UCITS-related issues (ETF Guidelines). The ETF Guidelines were to apply from two months after the date of their official publication on ESMA's website (Application Date). ESMA did not immediately publish its ETF Guidelines, instead engaging in a consultation process, leading to the issuance of ESMA's guidelines on repurchase and reverse repurchase agreements (Repo Guidelines). For more information on the Repo Guidelines please refer to our briefing of 11 December.