The European Securities and Markets Authority is seeking input on the introduction of potential different share classes under the Undertakings for Collective Investment in Transferable Securities (UCITS) directive. Generally, ESMA proposes that share classes of the same UCITS should have the same investment strategy; characteristics of one share class should not impact adversely another share class of the same UCITS—either actually or potentially; and differences among share classes of the same UCITS should be disclosed to investors when they have a choice. Comments should be submitted to ESMA by March 27, 2015. The UCITS directive (originally adopted in 1985 and subsequently amended multiple times) generally permits collective investment offerings authorized by one European jurisdiction to be operated freely throughout Europe.
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