ESMA has reviewed the current regulatory regime applicable to certain types of UCITS, includingUCITS ETFs,andparticular activitiessuch asefficient portfolio management techniques.This assessmentshowed that existingrequirements are not sufficient to take account of the specific features and risks associated with these types of fundand practice.

It is against this background thatESMA has developed guidelinesaimedat strengthening investor protec-tion and ensuring greater harmonisation in regulatory practices. A number of different means are used to achieve this, including improving the content of the information communicated to investors and setting out quantitative and qualitative criteria for collateralised transactionssuch as securities lending arrange-ments, repo and reverse repo transactions and overthecounter (OTC) financial derivative transactions.

ESMA publishes the responses to the Consultation on the treatment of repurchase and reverse repurchase agreements  – à télécharger