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ARTICLE · 02 OCTOBER 2018

UCITS: ESMA Q&A Update

ELVINGER HOSS PRUSSEN, société anonyme
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In July 2018, new questions were added to the ESMA Q&A on UCITS Directive . They cover the following matters:

LuxembourgFinance and Banking
Elvinger Hoss Prussen
Elvinger Hoss Prussen

In July 2018, new questions were added to the ESMA Q&A on UCITS Directive. They cover the following matters:

  • Possibility for a UCITS to invest in other UCITS with different investment policies: ESMA states that in this case (i) the prospectus of the UCITS should clearly disclose, where relevant, that the target fund(s) might have different investment strategies or restrictions, and (ii) UCITS management companies ("UCITS ManCos")/self-managed UCITS carry out proportionate due diligence to ensure that it does not result in a circumvention of the investment strategies or restrictions of the fund (as set out in the rules or instrument of incorporation and prospectus of the investing UCITS).

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