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ARTICLE · 29 APRIL 2019

ESMA Publishes Revised Q&A On UCITS And AIFMD

Dillon Eustace
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In conjunction with the work that it is carrying out on closet index-tracking funds, the European Securities and Markets Authority ("ESMA") has published a revised Q&A on UCITS ...

IrelandFinance and Banking
David Walsh
David Walsh
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Background

In conjunction with the work that it is carrying out on closet index-tracking funds, the European Securities and Markets Authority ("ESMA") has published a revised Q&A on UCITS (the "ESMA UCITS Q&A") setting out how it expects UCITS management companies1 to comply with the disclosure obligations relating to benchmarks and past performance set down in Commission Regulation (EU) No 538/2010 (the "KIID Regulation").

Closet index-tracking funds – where the fund manager claims, in the prospectus, key investor information documents ("KIIDs") and/or marketing documentation of a UCITS, to manage the portfolio actively when in reality the fund stays close to a benchmark and is therefore more akin to a "passive" fund – has been a key focus for ESMA in recent years.

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