IMA has responded to ESMA’s consultation on UCITS ETFs and structured UCITS. It comments that many of the proposals are already caught under UCITS, and questioned ESMA’s rationale for singling out certain types of UCITS products while excluding other retail products, such as non-UCITS exchange-traded products. It wonders why regulators are particularly concerned about complexity in retail products, and believes UCITS are clearly non-complex products, in accordance with MiFID. (Source: IMA Responds on UCITS ETFs)