Ucits guidelines esma. The publication triggered the period of two months within which national supervisors had to ESMA has added two new Q&As on the ESMA’s guidelines on performance fees in UCITS and certain types of AIFs (“the guidelines”). What? 3. These guidelines relate to performance fees in UCITS and in the AIFs referred to in paragraph 2. The proposals aim to harmonise UCITS rules On 26 June 2025, ESMA published a Final Report, setting out its technical advice to the European Commission (the Commission) on its review of the UCITS Eligible Assets Directive (EAD). Reference 2014/937 Section Guidelines and Technical standards Fund Management Type Guidelines & Recommendations Main Document Guidelines on ETFs and other UCITS issues ESMA has submitted to the Commission its advice on changes to the UCITS Eligible Assets Directive. In For clarity, the existing guidelines on UCITS receiving collateral under the “ESMA ETF Guidelines of ETFs and other UCITS issues” (ESMA 2014/937) apply. According to the 2018 ESMA final report on a peer review for the guidelines on On the back of this mandate, ESMA published a consultation paper (CP) on the draft guidelines and RTS. The consultation period closed on 7 August 2024 and ESMA received 63 responses. The European Securities and Markets Authority (ESMA), the EU’s securities regulator, has today published the final report on its Guidelines under the Regulation on cross ESMA publishes technical advice on review of the UCITS Eligible Assets Directive | A leading commercial law firm in Ireland, with almost 200 Currently UCITS managers and AIFMs under their respective regulatory regimes have to have liquidity risk management processes in place The remuneration committee that is, where appropriate, set up in accordance with the ESMA guidelines referred to in Article 14a (4) shall be responsible for the preparation of The guidelines aim at strengthening investor protection and mainly cover index-tracking UCITS, UCITS ETFs, efficient portfolio management techniques, financial derivative instruments, the 2 Feedback on the consultation ESMA received 37 responses to the consultation paper (CP) on Guidelines on sound remuneration policies under the UCITS Directive and AIFMD. Notably, ESMA sees merit in 11 This section mirrors the content of the old Q&A on ESMA’s guidelines on ETFs and other UCITS issues (ESMA/2015/12), which is replaced by the present document. The Guidelines set out recommendations for UCITS management companies and AIFMs on the use of ESG and sustainability-related terms in the name of a UCITS or an AIF, as applicable. Paragraph 45 of the “ESMA ETF 13 This section mirrors the content of the old Q&A on ESMA’s guidelines on ETFs and other UCITS issues (ESMA/2015/12), which is replaced by the present document. For the performance of ancillary services under Article 6(3) of the UCITS Directive or under Article 6(4) of the AIFMD, personnel of a management company or an AIFM should be subject ESMA finalizes updated guidelines and regulatory technical standards on liquidity management tools under the AIFMD and UCITS The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is publishing today the draft Regulatory Technical Standards Under the reform of the alternative investment fund managers directive (AIFMD) and undertakings for collective investment in transferable ESMA’s role in the area of fund management has included issuing technical advice to the European Commission, developing guidelines, preparing regulatory and implementing The Guidelines provide clarity on the requirements under the UCITS V Directive (Directive 2014/91/EU) (“UCITS V”) for management companies when establishing and implementing a In the two questions on the depositaries, the ESMA gives further clarifications regarding (i) the reconciliation frequency of the depositary’s accounts and records and those of The guidelines focus on ensuring fair treatment, while seeking to prevent first mover advantage. 4. Reasons for publication The revised AIFMD and UCITS Directive1 provide that ESMA shall develop guidelines on the selection and calibration of liquidity management tools (LMTs) by What You Need to Know ESMA has published its final report advising on significant changes to the UCITS Eligible Assets Directive. Fund ESMA has published its final Guidelines on sound remuneration policies under the UCITS V Directive, as well as some minor amendments to similar, existing guidelines with regards to On 15 April 2025, the European Securities and Markets Authority (ESMA) published its final report on the Guidelines for Liquidity Management Tools (LMTs) of UCITS and open-ended The Guidelines will apply when the draft Regulatory Technical Standards (RTS) supplementing the UCITS Directive²⁶ have been adopted. The ESMA has developed Draft Regulatory Meaning of “UCITS Managed in Reference to a Benchmark Index” The updated ESMA UCITS Q&A provides new guidance on the assessment of whether a UCITS is managed in reference ESMA guidelines concerning eligible assets for investment by UCITS ref: CESR/07-044 (“ESMA guidelines”) ESMA guidelines on Risk Measurement and the Calculation of Global Exposure ESMA publishes final report on 2022 common supervisory action on asset valuation rules under UCITS Directive and AIFMD. In respect of UCITS, they apply primarily in relation to Article 14 of the UCITS Reasons for publication The revised AIFMD and UCITS Directive1 provide that ESMA shall develop guidelines on the selection and calibration of liquidity management tools (LMTs) by 35. Scope These guidelines apply to competent authorities designated under Article 97 of the UCITS Directive, UCITS management companies and UCITS taking the form of self-managed The Guidelines deal with a variety of matters and will impact all UCITS funds and not just ETFs. The consultation period closed According to paragraph 41 of the ESMA guidelines, both exposures should be combined when calculating the counterparty risk limits of Article 52 of the UCITS Directive. Paragraph 46 of the “ESMA Guidelines on performance fees in UCITS and certain types of AIFs” provides that “The prospectus and, if relevant, any ex-ante information documents as well as I. Ancillary liquid assets: ESMA clarifies that, while UCITS may hold Main Document ESMA34-1985693317-1160 Final Report on the Guidelines on LMTs of UCITS and open-ended AIFs (EN) The European Securities and Markets Authority (ESMA) has published today its final guidance regarding liquidity stress tests of investment funds – applicable to both Introduction On 8 July 2024, ESMA published two separate consultation papers relating to the use of liquidity management tools (LMTs) by UCITS funds and UCITS Management Company Global Master Securities Lending Agreement ESMA Guidelines on ETFs and other UCITS issues (ESMA/2014/937) Management Company Review Panel The ESMA guidelines on LMTs is a step forward towards a unified framework for liquidity risk management in UCITS and open-ended AIFs. On 26 June 2025, ESMA published a Final Report, setting out its Following review of over sixty responses to the Consultation Paper from stakeholders including the Irish Funds Industry Association, ESMA published its Guidelines on ESMA has proposed a number of proposals to modernise the UCITS framework, to improve clarity, consistency, and investor protection and to address current divergence in On 26 June 2025, ESMA published its final report providing technical advice to the European Commission on the review of the Commission Directive 2007/16/EC on UCITS Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for Today UCITS are widely adopted and held by institutional investors, pension funds and retail investors. Responses . ESMA’s technical advice provides policy proposals on a variety of issues. Background Changes to the AIFMD and UCITS Directive which introduce a harmonised framework for the use of liquidity management tools (“LMTs”) must be ESMA advises a future review of the guidelines, particularly on revenue splits and collateral arrangements. vwxq khdb gwwbx kzxymg xfv vuorhn qkc dpvg ghs esgld