On 1st February 2016, the European Securities and Markets Authority (ESMA) published a consolidated Questions and Answers (Q&A) on the application of the Undertakings for the Collective Investment In Transferable Securities (UCITS) Directive.
The consolidated Q&A include new questions on additional documents funds need to provide for UCITS V. This new Q&A also brings together the following four existing ESMA Q&As on UCITS:
- The Key Investor Information Document (KIID) for UCITS (2015/631);
- Q&A on ESMA’s guidelines on ETFs and other UCITS issues (2015/12);
- Notification of UCITS and exchange of information between competent authorities (2012/428); and
- Risk Measurement and Calculation of Global Exposure and Counterparty Risk for UCITS (2013/1950).
The UCITS Q&As are a handy tool promoting common supervisory approaches across Member States. This latest version combines all Q&As previously issued by ESMA on the UCITS regime.
The UCITS Directive is a harmonised framework for funds targeted at retail investors throughout the EU. This means that funds authorised in one EU State can be marketed in another EU State using a passporting mechanism.
More information can be found here.
