ESMA published its long awaited guidelines on ETFs and other UCITS issues (Guidelines) on its website on 18 December 2012. For more details, please see our Front Page Update on the topic. This publication consolidates the guidelines on ETFs and other UCITS issues (ESMA/2012/474) and the guidelines on repo and reverse repurchase agreements (ESMA/2012/722). It also triggers the period of two months within which national supervisors have to declare to ESMA whether they intend to comply with the Guidelines or otherwise explain the reasons for non-compliance. The Guidelines will apply from the end of this notification period. This will involve some existing UCITS adjusting their portfolios to ensure that they comply with the Guidelines.