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ARTICLE · 22 AUGUST 2018

UCITS Collateral Requirements For Securities Lending Transactions

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The peer review group identified a number of policy follow-ups for ESMA which may well be indicative of areas of focus for future guidance from ESMA.

IrelandFinance and Banking
Nicholas Blake-Knox
Nicholas Blake-Knox
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In September 2017, the European Securities and Markets Authority ("ESMA") launched a peer review on its Guidelines on ETFs and other UCITS issues (the "Guidelines"). The aim of the peer review, conducted by an independent group of experts, was to assess compliance by 6 jurisdictions, including Ireland, with a subsection of the Guideline's requirements relating to efficient portfolio management techniques ("EPM"), including securities lending. On 30 July 2018, following completion of the peer review, ESMA published its report setting out findings regarding compliance, identifying good practices and policy considerations for follow-up by ESMA.

The peer review was positive in relation to Ireland and found it to have a "well-structured and robust process around the use of EPM by UCITS". Ireland was also highlighted as having in place a number of good practices including the issuance by the Central Bank of Ireland (the "Central Bank") of guidance and Q&As to assist UCITS

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