Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Sprawozdanie uzupełniające w sprawie wzajemnej oceny wytycznych dotyczących funduszy typu ETF i innych kwestii związanych z UCITS

17 May 2023

ESMA42-111-7570

Follow-up Report

to the Peer Review on the Guidelines on ETFs and other UCITS issues

1 Executive Summary

1. This follow-up peer review report updates on the actions that National Competent Authorities (NCAs) took to address the issues identified in the ESMA’s 2018 peer review on the Guidelines on ETFs and other UCITS issues (the Guidelines).

2. UCITS are a key financial product for retail investors in the EU. The UCITS framework permits the use of Efficient Portfolio Management (EPM) techniques and instruments. Investors need high-quality information to make informed decisions when investing in UCITS using EPM. ESMA issued the Guidelines to provide guidance on various UCITS topics including the use of EPM. These Guidelines were the basis of the peer review that ESMA conducted in 2018, which covered five NCAs (DE, EE, FR, IE, LU).

3. The peer review identified that some NCAs (DE, EE, LU) needed to improve their practices when supervising disclosures to investors,...