ESMA · ESMA_QA_1110 Answer Published

ESMA’s guidelines on ETFs and other UCITS issues - Efficient portfolio management techniques

Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
Topic
Efficient portfolio management (EPM) techniques
Submitted
2013-03-15
Answered
2013-03-15
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Question

According to paragraph 28 of the guidelines, UCITS should disclose the identity of the entity(ies) to which the direct and indirect costs and fees are paid and indicate if these are related parties to the UCITS management company or the depositary. Where should this information be disclosed?

Answer

[ESMA 34-43-392 UCITS Q&A, section 3, Q&A 4c] UCITS management companies may disclose this information in the prospectus of the UCITS or in the annual report of the UCITS.
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This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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