ESMA has identified differing national practices in the interpretation of the types of share classes that are permitted under UCITS and, in the light of this, has published Discussion Paper 2014/1577 – “Share classes of UCITS”. For the avoidance of doubt a ‘share class’ is not the same as a [...]

Those firms subject to UCITS may want to note on the calendar that UCITS V (Directive 2014/91/EU) came into force on 17 September (see also Regulatory Roundup 53). However there is no immediate panic as Member States have until 18 March 2016 (Article 2) to transpose the Directive into national [...]

UCITS V is making steady, if slow, progress. A press release by the European Commission informs us that both the European Parliament and the European Council have reached agreement on the wordage of UCITS V (although this does not mean that it has been formally adopted by both parties – [...]

A couple of ‘Q&A’ style papers on UCITS related matters have been published by ESMA. The first one covers risk measurement and the calculation of global exposure and counterparty risk and is a modest 6 pages in total (please copy and paste http://www.esma.europa.eu/system/files/2012-429.pdf into your web browser if you experience [...]

A draft proposal for ‘UCITS V’ has been published by the European Commission. The proposal contains amendments to the current UCITS Directive (2009/65/EC) rather than a complete overhaul. Changes include the introduction of rules on remuneration policies for key members of the UCITS management company and the duties and liabilities [...]

On 2 September the FSA published PS11/10 – ‘Transposition of the revised UCITS Directive’ – incorporating the various changes to the Handbook, mainly COLL, brought about as a result of implementing the Directive. However, as the latter was implemented in the UK on 1 July, the transposition deadline, (and hence [...]

Amendments are proposed to the Handbook including the Collective Investment Schemes sourcebook (COLL). The changes arise both from guidelines issued by, as it was then, CESR and consequential amendments under UCITS IV. In 2008 some UCITS schemes around Europe encountered liquidity issues following investment in money market funds arising from [...]

Not that long ago one would not have expected to see ‘Hedge fund managers’ and ‘UCITS’ appearing in the same sentence. However things have been changing, no doubt in part fuelled by memories of Lehman’s, Ponzi schemes and the proposed AIFM EU Directive. We have recently seen the likes of [...]