On December 23, 2014, ESMA published a discussion paper on share classes of Undertakings for Collective Investment in Transferable Securities (“UCITS”), further to the UCITS Directive recognizing the possibility for UCITS to offer different share classes to investors. The discussion paper seeks to develop a common understanding of what constitutes a share class, as well as how to distinguish different share classes. ESMA aims to ultimately develop a final position on the matter, as currently, national practices are understood to vary significantly. The consultation period ends on March 27, 2015.

The discussion paper is available at:

http://www.esma.europa.eu/content/DiscussionPaper-Share-classes-UCITS.