On January 30 the European Securities and Markets Authority (ESMA) released a consultation paper on guidelines for ETFs (exchange traded funds) and other UCITS (undertakings for collective investment in securities) issues (ESMA/2012/44).

In the consultation paper (the comment period for which closes on March 30) ESMA invites comments on proposed guidelines on retailization of complex products, disclosure issues for index-tracking UCITS and index-tracking leveraged UCITS, draft guidelines for UCITS ETFs, rights of secondary market investors in ETFs, guidelines for the use of efficient portfolio management techniques by UCITS, rules applicable to the use of total return swaps by UCITS and guidelines for UCITS exposure to strategy indices.

Final guidelines are expected to be adopted during the second quarter of 2012. Click here for more information.