ESMA has published a discussion paper on its policy orientations on guidelines for Undertakings for Collective Investment in Transferable Securities (UCITS) exchange-traded funds (ETFs) and structured UCITS. ESMA believes that the existing requirements are not sufficient to take account of the specific features and risks associated with these types of fund. The discussion paper examines possible measures that could be introduced to mitigate the risk that complex products are made available to retail investors. It also discusses the potential systemic risk caused by these types of fund and their impact on financial stability. The deadline for responses is 22 September 2011. ESMA will use the responses to develop draft guidelines for UCITS ETFs and structured UCITS, which will be subject to public consultation. (Source: Discussion Paper: ESMA’s Policy Orientations on Guidelines for UCITS Exchange-Traded Funds and Structured UCITS (ESMA/2011/220) and Press Notice)