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.

Read the associated press release "ESMA publishes UCITS remuneration guidelines" (March 2016). 

Read the guidelines in full

Read the letter to European the Commission, European Council and European Parliament

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.

Read the associated press release "ESMA Publishes Updated UCITS Q&A".

Read the updated Q&A in full

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.

Read the associated press release "ESMA Publishes Discussion Paper on UCITS Share Classes"

Read the discussion paper in full.