In  our  briefing note issued last week on  UCITS, we advised that the European Securities and Markets Authority ("ESMA") was due to issue a complete set of guidelines on ETFs and other UCITS issues. ESMA published those guidelines on 18 December 2012, which now may be found at http://www.esma.europa.eu/system/files/esma_en_0.pdf (the "Guidelines").

We previously advised that the Guidelines would become binding on UCITS two months after their publication. Accordingly, the Guidelines will become binding on UCITS on 18 February 2013 (the "Effective Date"). UCITS which are in existence before the Effective Date should align their portfolios with these Guidelines within twelve months from the Effective Date.