ESMA issued its final report on Guidelines on sound remuneration policies under the UCITS Directive and AIFMD (the “Guidelines”) on 31 March 2016 .
Regarding UCITS remuneration, the Guidelines do not include guidance on the possibility of dis-applying certain specific requirements on the pay-out process rules, and ESMA has written to the European Commission, European Council and European Parliament suggesting that further legal clarity is required.
ESMA updated its Q&A on the application of the UCITS Directive on 5 April 2016. The updated Q&A include a new question and answer on UCITS investment in UCITS feeder funds.
ESMA published a discussion paper on UCITS share classes on 6 April 2016. The paper describes the nature of share classes, the reasons for their existence and the key elements of share classes.