ESMA · ESMA_QA_1165 Answer Published

KIID Financial indices

Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
Topic
UCITS eligible assets and investment restrictions
Submitted
2014-03-24
Answered
2014-03-24

Question

Do the guidelines on financial indices apply only to index-tracking UCITS?

Answer

[ESMA 34-43-392 UCITS Q&A, section 3, Q&A 7b] No, the guidelines on financial indices apply to any UCITS investing in financial indices and not only to index-tracking UCITS. This means that the guidelines on ETFs and other UCITS issues take precedence over the guidelines on eligible assets issued by CESR in 2008 (Ref. CESR/07-044b) and that UCITS should not invest even a small amount of their assets in financial indices that do not comply with paragraphs 48 to 61 of the guidelines.

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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