Revision of ESMA’s guidelines on ETF and UCITS issues

By Beverley Wachs and Mevlüde-Aysun Tokbag

In December 2012, the European Securities and Markets Authority (ESMA) published its guidelines on exchange-traded funds (ETFs) and other Undertaking for Collective Investment in Transferable Securities (UCITS) issues (ESMA/2012/832).

Stakeholders requested ESMA several times to change its position on the requirements on the collateral diversification as detailed under article 43(e) of these guidelines as those requirements were considered to have an adverse impact on the UCITS’ collateral management policies…

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