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Regulatory Update: ESMA Publishes Discussion Paper on UCITS share classes

7 April 2016

The European Securities and Markets Authority (ESMA) yesterday published a new discussion paper on the use of share classes within UCITS as a follow-up to its earlier discussion paper issued at the end of 2014.

ESMA is seeking stakeholders’ views on developing a framework for UCITS share classes throughout the EU. The paper centres on a set of high-level principles regarding share classes, which are further detailed, where necessary, by a set of operational principles. The consultation seeks detailed feedback on whether and how share classes can actually work under the principles outlined in the discussion paper. The deadline for response is 6 June 2016 and, based on the replies, ESMA will consider taking further steps by the end of this year.

The industry UCITS Rulebook and other UCITS issues working group, who prepared the industry response to ESMA’s initial consultation, will lead the response to this consultation.

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