AMF applies ESMA guidelines on ETFs and other UCITS issues

22 February 2013

The Autorité des Marchés Financiers has adopted guidelines issued by the European Securities and Markets Authority on exchange-traded funds and other issues related to Undertakings for Collective Investment in Transferable Securities.

Based on the UCITS Directive (2009/65/EC), the ESMA guidelines explain how European legislation is to be applied in particular to the management of UCITS compliant with Directive 2009/65/EC.

The guidelines have been incorporated into the AMF's position and give details concerning:

• the information to be supplied to investors about index funds and ETFs;
• the special rules that UCITS have to apply if they use over-the-counter derivatives and efficient portfolio management techniques;
• the criteria for financial indices in which UCITS invest;
• implementation deadlines, particularly for existing UCITS.

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