The European Securities and Markets Authority (“ESMA”) published a final report on 14 April 2011 which sets out guidelines on risk measurement and the calculation of global exposure for certain types of structured UCITS.

It is proposed that for certain types of structured UCITS an optional regime for the calculation of the global exposure will be available. 

The final version of the guidelines will remain unchanged and will take effect once it is translated. The guidelines will accompany the Level 2 implementing measures of the UCITS IV Directive that will take effect on 1 July 2011.