Undertakings for Collective Investments in Transferable Securities (UCITS)

Published 02.11.2020

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.
  • 12 December 2019, ESMA published its second annual report on sanctions (penalties and measures) imposed by NCAs under the UCITS Directive for 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.
  • 22 April 2021, the Commission published an amended delegated act on sustainability risks and sustainability factors to be taken into account for Undertakings for Collective Investment in Transferable Securities (UCITS). This will have to be approved by the Council and the Commission before being published in the OJ.
  • 15 June 2021, the Commission published an implementing regulation regarding central database on cross-border marketing of AIFs and UCITS
  • 15 July 2021, the European Commission published a Proposal for a regulation on the extension of the transitional arrangement for management companies, investment companies and persons advising on, or selling, units of UCITS and non-UCITS
  • 15 July 2021,  European Commission published a Proposal for a directive on the use of key information documents by management companies of UCITS

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.
  • 17 July 2020, ESMA issued the official translations of its guidelines on liquidity stress testing in UCITS and AIFs.
  • 12 November 2020, ESMA published its annual report on use of sanctions under UCITS.
  • 6 January 2021, ESMA has launched a Common Supervisory Action with national competent authorities on the supervision of costs and fees of UCITS across the European Union.
  • 25 March 2021, ESMA published the results of the 2020 Common Supervisory Action (CSA) on UCITS liquidity risk management.
  • 30 March 2021, ESMA updated its Questions and Answers on the application of the Undertakings for Collective Investment in Transferable Securities Directive.
  • 20 July 2021, ESMA published a Report on penalties and measures imposed under the UCITS Directive in 2020

Next steps

The review process is ongoing in parallel with the AIFMD review.

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