ESMA has published a discussion paper proposing a common regulatory framework for share classes under the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. Whilst UCITS recognises the possibility for UCITS to offer different share classes to investors, it does not prescribe whether, and to what extent, share classes of a given UCITS can differ from one another. ESMA is seeking views on this as it has identified divergent national practices regarding the types of share class that are permitted. The consultation closes on 6 June. (Source: ESMA discusses UCITS share classes)