European documentation

Guidelines and recommendations of the European Securities and Markets Authority ("ESMA") issued pursuant to Article 16 of Regulation (EU) No 1095/2010 establishing ESMA ("ESMA Regulation")

 

ESMA/2014/937: Guidelines on ETFs and other UCITS issues   

ESMA/2014/294: Revision of the provisions on diversification of collateral in ESMA's Guidelines on ETFs and other UCITS issues 

Annex I of this final report sets out ESMA's position on collateral management by UCITS. The guidelines in Annex I modify the rules on collateral diversification in paragraph 43(e) of the existing guidelines and introduce some further sequential changes.

 

ESMA/2012/832: Guidelines on ETFs and other UCITS issues

The purpose of these guidelines is to protect investors by providing guidance on (i) information taht should be communicated with respect to index-Tracking UCITS and UCITS ETFs, (ii) specific rules to be applied by UCITS when entering into over-the-counter financial derivative transactions and (iii) efficient portfolio management techniques. Moreover, the guidelines set out criteria that should be respected by financial indices in which UCITS invest. Please also refer to the related Q&A of ESMA (ESMA/2013/1547).

 

ESMA/2012/197: Guidelines on risk measurement and the calculation of global exposure for certain types of structured UCITS

These guidelines supplement the requirements on calculation of global exposure relating to derivative instruments in Article 51(3) of the UCITS Directive and Article 40 to 42 of Commission Directive 2010/43/EU. The purpose of these guidelines is to provide certain types of structured UCITS as describes in this text with an optional regime for the calculation of the global exposure using the commitmennt approach. Please also refer to the related Q&A of ESMA (ESMA/2013/1950).

 

ESMA's opinion delivered based on Articles 10 and 29 of ESMA Regulation

 

ESMA/2012/721: Article 50(2)(a) of the UCITS Directive

This opinion specifies the scope of Article 50(2) of the UCITS Directive. The trash ratio only referred to transferable securities and money market instruments and not to the other instruments laid down in Article 50(1) of the UCITS Directive.

 

Documents of the Committee of European Securities Regulators ("CESR") (which was replaced by ESMA)

 

CESR/10-1318: Guidelines on the selection and presentation of performance scenarios in the Key Investor Information document (KII)

These guidelines specify the requirement laid down in UCITS Directive and Regulation (EU) No 583/2010 for UCITS to use performance scenarios in their KII documents. In order to ensure that investors could compare UCITS well, these guidelines were drawn up so as to harmonise the rules relating to these perfomance scenarios.

 

CESR/10-1320: Guide to clear language and layout for the Key Investor Information document

This guide specifies the approach to clear language and layout in the KII document pursuant to Regulation (EU) No 583/2010.

  

CESR/10-1321: Template for the Key Investor Information document

This document is a template of the KII document, as referred to in UCITS Directive and in Regulation (EU) No 583/2010.

  

CESR/10-788: Guidelines on risk measurement and the calculation of global exposure for UCITS

This document accompanies the  transposition measures of level 2 as regards the risk assessment, the calculation of global exposure and counterparty risk for UCITS. The main purpose of this document is to provide a detailed methodology in order to ensure a level playing field between the different Member States within the context of the risk assessment and the calculation of the global exposure and counterparty risk for UCITS. To that end, CESR establishes, in this document, a harmonised definition of global exposure. As regards the global exposure calculation, CESR establishes a detailed methodology that should be followed by the UCITS when they use the calculation method for the commitment or the value at risk approach.

   

CESR/10-674: Guidelines on the methodology for calculation of the ongoing charges figure in the Key Investor Information Document 

These guidelines present the methdology for the calucation of the ongoing charges in the KII document. The aim is to ensure a harmonised approach and presentation of this figure and, thus, allowing investors to compare between UCITS well.

 

CESR/10-673: Guidelines on the methodology for the calculation of the synthetic risk and reward indicator in the Key Investor Information Document

These guidelines present the methodology for the calculation of the synthetic risk and reward indicator. This indicator must be included in the KII document of all UCITS.

  

CESR/10-049: Guidelines on a common definition of European money market funds

These guidelines present a two-tiered approach for the definition of European money market funds: (i) Short-Term Money Market Funds and (ii) Money Market Funds. The guidelines apply to UCITS authorised pursuant to the UCITS Directive as well as UCIs regulated pursuant to the national laws in their country of origin which are subject to supervision and comply with the risk-spreading rules.

 

CESR/09-178: Risk management principles for UCITS

This document proposes a framework for the guidelines as regards risk management by establishing principles and outlining the key elements for the the implementation of high standards of risk management. 

  

CESR/07-434: Guidelines concerning eligible assets for investment by UCITS - The classification of hedge fund indices as financial indices

These recommendations lay down the standards that must be complied with by UCITS exposed to hedge fund indices.

  

CESR/07-044b: Guidelines concerning eligible assets for investment by UCITS

These guidelines provide specifications concerning eligible assets for investment by UCITS. Although these guidelines refer to Directive 85/611/CEE, they may, nevertheless, be read in relation to Chapter VII of the UCITS Directive.