Undertakings for Collective Investments in Transferable Securities (UCITS)

Published 12.06.2020

State of play: on 28 August 2014, the UCITS V Directive was published in the Official Journal (L 257/186), on 12 July 2019, the CBDF amending the UCITS Directive was published in the Official Journal (L 188/106)

  • Links to ESMA UCITS Documents

Level 2

  • 12 July 2018, the Commission adopted a delegated regulation on safe-keeping duties of depositaries.
  • 25 February 2019, ESMA published the responses received to its consultation on integrating sustainability risks and factors in MiFID II, and in the UCITS Directive/AIFMD.
  • 4 April 2019, ESMA issued the first PAN-EU overview of use of supervisory sanctions for UCITS.
  • 5 September 2019, ESMA published the framework to be used for stress simulations for the investment fund sector.
  • 27 September 2019, ESMA published the results of the study on the net performance of active equity funds as compared to passive equity funds, ETFs and relevant benchmarks

Level 3

  • 29 March 2019, ESMA published a Q&A clarification on benchmark disclosure obligations for UCITS.
  • 8 April 2019, ESMA published the responses it received to its consultation on liquidity stress test guidelines for investment funds.
  • 4 June 2019, ESMA published the Q&A updates on the application of AIFMD and UCITS.
  • 16 July 2019, ESMA launched a consultation on draft guidelines on performance fees under the UCITS directive.
  • 2 September 2019, ESMA published its final report on the guidelines regarding liquidity stress tests of investments funds, applicable to both AIFs and UCITS from 30 September 2020.
  • 1 October 2019, ESMA conducted a study on the use of derivatives by UCITS equity funds in collaboration with researchers from the Technical University of Munich (TUM).
  • 14 November 2019, ESMA published the advice of the SMSG to the consultation paper on performance fees guidelines under the UCITS Directive.
  • 12 December 2019, ESMA published its second annual report on sanctions (penalties and measures) imposed by NCAs under the UCITS Directive covering the year 2018.
  • 30 January 2020, ESMA launched a Common Supervisory Action (CSA) with national competent authorities (NCAs) on the supervision of UCITS’ managers liquidity risk management across the EU.
  • 3 April 2020, ESMA published its final guidance on performance fees in investment funds, applicable to UCITS and certain types of AIFs.
  • 4 June 2020, ESMA published a supervisory briefing on the supervision by national competent authorities (NCAs) of costs applicable to UCITS and AIFs.

Next steps

The review process is ongoing, and a review proposal is expected in Q3 2020.

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