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ESMA’s guidelines on ETFs and other UCITS issues – ESMA 2012/832 - 21/12/2012


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On 18 December 2012, ESMA issued new guidelines on ETFs and other UCITS issues.

The purpose of these guidelines is to:

  • Protect investors by providing guidance on information that should be communicated by index-tracking UCITS and UCITS ETFs;
  • Provide new guidance for UCITS on risk management and information disclosure requirements when entering OTC derivative transactions and efficient portfolio management techniques (“EPM”), such as securities lending and repos;
  • Provide new guidelines regarding collateral management in the context of OTC derivatives transactions or EPM; and
  • Set out criteria that should be respected by financial indices in order to be eligible assets for UCITS.

These new guidelines will be effective on 18 February 2013 with a 12 months grandfathering period.

In order to assist you in meeting these new requirements, our experts can

  • Assess the impacts of the new guidelines on your activities and assist you in drafting amended procedures for impacted activities;
  • Support in the review or design of collateral management and liquidity stress testing policies;
  • Support you in the review and update of your risk management process in order to reflect new guidelines;
  • Support you in the review of financial indices eligibility;
  • Perform an independent valuation of financial indices and/or derivatives written on them; and
  • Assist you in the update of your KIID and prospectus with newly required information.

Should you need to receive more information, please do not hesitate to contact our experts.

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Contacts

Name:
Xavier Zaegel
Company:
Deloitte Luxembourg
Job Title:
Partner - Capital Markets/Financial Risk Leader
Phone:
+352 451 452 748
Email
xzaegel@deloitte.lu

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