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22 February 2013

ETF(上場投資信託)とその他のUCITS(欧州の集団投資スキーム)に関するESMA(欧州証券市場機構)のガイドラインの実施に関するイタリア証券取引委員会の発表


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The addressees of the guidelines subjected to examination by Consob must comply with the provisions set out in the guidelines as from 18 February, 2013.


Consob notes that in July 2012, ESMA - the European Securities and Markets Authority in which Consob is also involved, published the "Guidelines on Exchange-Traded Funds (ETFs) and other UCITS issues", with a view to providing specifications and clarifications on: (i) the information to be conveyed to investors with reference to index-linked UCITS and harmonised ETFs; (ii) rules concerning operations on certain types of derivative financial instruments (total return swaps and OTC derivatives) and efficient portfolio management techniques applicable to harmonised UCITS; and (iii) the criteria to be applied for harmonised UCITS to be able to invest in financial indices. The document was created by the permanent committee on investment management, chaired by Consob.

The guidelines were issued in order to "establish standardised, efficient and effective supervisory practices and to assure the common, standardised, coherent application of Union law". Under this framework, the guidelines aim to provide interpretation clarifications on the application of the obligations prescribed by UCITS regulations and contain specific application instructions of a general scope of European reference legislation and the related national enactment provisions.

The guidelines outline a specific transitional regulation with reference to UCITS existing as at the application date. More specifically, alignment is permitted to guidelines concerning the information to be disclosed through the prospectus and the marketing communication at the first available update or, at the latest, within 12 months of the date of application of the guidelines.

Press release



© Consob - Commissione Nazionale per le Società e la Borsa


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