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ESMA’s Q&A on ETFs and other UCITS issues (ESMA/2013/927) - 16/07/2013


On 11 July 2013, the ESMA published an updated version of the Q&A on ETFs and other UCITS issues. Compared to the first version dated of 15 March 2013, this new version adds new Q&A’s among others on the following matters: the information to be inserted in the prospectus (Q&A 1b), secondary markets (Q&A 3b), financial derivatives Instruments (Q&A 5d and 5e), collateral management (Q&A 6l) and financial indices (Q&A 7f, 7g and  7h).

Key takeaways from the new Q&A’s are:

  • The depositary can also act as collateral provider provided that the depositary tasks are functionally and hierarchically separated from the activity of collateral provider
  • UCITS can invest in financial indices whose valuation is performed by the index provider himself provided that  the independence of the unit in charge of the valuation is ensured
  • Guidelines on financial indices take precedence over the guidelines on eligible assets issued by CESR (CESR/07-044b)
  • Financial indices of indices are permitted
  • Clarification on the redemption process for secondary market investors of UCITS ETF

Should you need assistance in assessing the impacts of these guidelines on your activities or any further information on this subject, please do not hesitate to contact our experts.

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Xavier Zaegel
Deloitte Luxembourg
Job Title:
Partner - Capital Markets/Financial Risk Leader
+352 451 452 748



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