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Further clarification published regarding ESMA Guidelines on ETFs and other UCITS issues

AUTHOR(S): Michael Jackson, Tara Doyle, Dualta Counihan, Joe Beashel, Anne-Marie Bohan, Shay Lydon, Liam Collins, Philip Lovegrove, Elizabeth Grace
PRACTICE AREA GROUP: Asset Management and Investment Funds
DATE: 20.03.2013

On 15 March 2013, the European Securities and Markets Authority (“ESMA”) published a questions and answers document (the “Q&A”) in relation to the ESMA Guidelines on ETFs and other UCITS issues (the “ESMA Guidelines”) which came into effect on 18 February 2013 and have been implemented by the Central Bank of Ireland.

The Q&A sets out a number of important clarifications in relation to the ESMA Guidelines, addressing the application of the UCITS ETF label in the context of umbrella UCITS; direct redemptions by secondary market investors; efficient portfolio management techniques (in particular the payment of fees to securities lending agents); the use of financial derivative instruments; collateral management; investment in financial indices and transitional provisions. We have prepared a briefing note providing further detail in relation to these clarifications which may be accessed here.

The Q&A is intended to be edited and updated on an ongoing basis, as and when new questions are received by ESMA. The additional clarifications provided by ESMA will assist UCITS in applying the requirements of the ESMA Guidelines.

The Q&A document may be accessed at this link: ESMA Q&A on ETFs and other UCITS issues.

We would be happy to discuss the contents of the Q&A in more detail with you. For further information or advice in relation to this matter, please get in touch with your usual Asset Management and Investment Funds Group contact, or any of the contacts listed in this email.


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