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22 February 2013

AMF applies ESMA guidelines on ETFs and other UCITS issues


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The Autorité des Marchés Financiers has adopted guidelines issued by the European Securities and Markets Authority on exchange-traded funds and other issues related to Undertakings for Collective Investment in Transferable Securities.


Based on the UCITS Directive (2009/65/EC), the ESMA guidelines explain how European legislation is to be applied in particular to the management of UCITS compliant with Directive 2009/65/EC.

The guidelines have been incorporated into the AMF's position and give details concerning:

  • the information to be supplied to investors about index funds and ETFs;
  • the special rules that UCITS have to apply if they use over-the-counter derivatives and efficient portfolio management techniques;
  • the criteria for financial indices in which UCITS invest;
  • implementation deadlines, particularly for existing UCITS.

Press release

Full position



© AMF - Autorité des Marchés Financiers


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