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


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.

Page Last Updated


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



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