ESMA

Common Principles for UCITS share classes

JULIAN BROWN, PARTNER, MICHAELA WALKER, PARTNER, LAURA HOUËT, PRINCIPAL ASSOCIATE, EVERSHEDS SUTHERLAND

On 30 January 2017, the European Securities and Markets Authority (ESMA) published an opinion setting out common principles for setting up and operating share classes within UCITS funds.

The opinion paper follows ESMA’s previous discussion papers on share classes, issued in 2014 and 2016. We provided an update on the 2016 paper in April.

The UCITS Directive is silent on the definition and scope of share classes, so national practice diverges greatly as to the types...

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