Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Opinia ESMA na temat pojęcia nieuzasadnionych kosztów z dyrektywy UCITS i dyrektywy ZAFI

17/05/2023

ESMA34-45-1747

Opinion

On undue costs of UCITS and AIFs

1 Executive Summary

Reasons for publication

In January 2021, ESMA launched a Common Supervisory Action (CSA) with NCAs on the supervision of costs and fees of UCITS across the EU/EEA. The CSA’s aim was to assess, foster and enforce the compliance of supervised entities with key cost-related provisions in the UCITS framework, in particular the obligation of not charging investors with undue costs.

The outcome of the CSA on costs and fees showed divergent market practices as to what industry reported as “due” or “undue” costs and it evidenced that further legislative specification of the notion of “undue costs” would provide more convergence and a stronger legal basis for NCAs to take supervisory and enforcement actions against the relevant market participants in many cases.

The present opinion sets out suggestions to the European Commission for possible clarifications of the legislative provisions under the UCITS Directive and...