As part of its 2018 Work Programme, ESMA has announced that it will conduct a peer review on its 2012 Guidelines on ETFs and other UCITS Issues (the Guidelines). The Guidelines cover a range of UCITS-related matters but crucially also introduce the first pan-European ETF specific rules for UCITS. These also contain additional disclosure requirements regarding portfolio transparency; and additional rules with respect to the eligibility of financial indices.

ESMA will seek to obtain the views of the various national competent authorities on the implementation of the Guidelines and will encourage an “exchange of supervisory experience”.

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