Diskussionspapier und Feedback zu ETF und strukturierten Fonds

(Quelle: www.esma.europa.eu, am 26.09.2011)

ESMA has reviewed the current regulatory regime applicable to UCITS ETFs and structured UCITS and considered that the existing requirements are not sufficient to take account of the specific features and risks associated with these types of funds.

Therefore, ESMA has decided to start working on the development of guidelines applicable to UCITS ETFs and structured UCITS as well as to examine possible measures that could be introduced to mitigate the risk that particularly complex products, which may be difficult to understand and evaluate, are made available to retail investors.

This document does not at this stage include any formal proposals for guidelines on UCITS ETFs and structured UCITS.

Next steps: Responses to this discussion paper will help ESMA in narrowing down its policy approach. In light of the feedback received, ESMA will develop a consultation paper on proposed guidelines for UCITS Exchange-Traded Funds and structured UCITS.

Download the Discussion Paper: ESMA discussion paper ETF and structured UCITS 2011_220

Die Feedback-Statements sind seit 23.09.2011 auch auf der Seite der ESMA publiziert: http://www.esma.europa.eu/index.php?page=responses&id=187

Ein erstes Überfliegen der Stellungnahmen läßt vermuten, dass hier erneut versucht wird (und versucht werden muss) Inkonsistenzen bei der Behandlung von Fondsprodukten unter dem UCITS-Regime zu vermeiden. Dazu ein Zitat aus der Stellungnahme des BVI:

„However, it must be noted that many suggestions put forward in the discussion paper in relation to ETFs or structured UCITS might have much wider implications. From the legal perspective, ETF UCITS and structured UCITS are just UCITS pursuing investment strategies and applying techniques which are generally permissible under the UCITS Directive. Hence, the discussion on specific requirements for
derivatives or securities lending initiated by ESMA must not be limited to ETFs, but should be led in the wider context, since any potential modification of the relevant UCITS provisions will inevitably affect all EU-harmonised investment funds.“

… “We wonder on which basis ESMA reinitiates the discussion on classification of certain UCITS as complex or non-complex products, or other possible limitations of distribution at the current point of time. Clearly, distribution of UCITS as of other financial products is covered by MiFID provisions which are just in the process of a major review. The legislative proposal for modifications of the MiFID rules is expected to be published shortly by the Commission and should form the reference point for any debate on the future distribution framework for UCITS.”

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