Autorité Des Marchés Financiers Applies ESMA Guidelines On ETFs And Other UCITS Issues

The Autorité des Marchés Financiers (AMF) has adopted in Position No. 2013-06 the guidelines¹  issued by the European Securities and Markets Authority (ESMA) on exchange-traded funds (ETFs) and other issues related to Undertakings for Collective Investment in Transferable Securities (UCITS).

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.