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28 June 2018

ESMA hosts workshop for national supervisors on closet indexing


The European Securities and Markets Authority held a supervisors’ workshop for National Competent Authorities (NCAs) to promote supervisory convergence in NCAs’ supervision of closet indexing.

Closet indexing is a practice whereby asset managers claim to manage their funds in an active manner whilst in fact staying very close to a benchmark and charging management fees in line with actively managed funds.

The workshop follows ESMA’s Public Statement on Supervisory Work on Potential Closet Indexing Tracking from February 2016 and its coordination with NCAs to get a comprehensive picture of the outcome of their national initiatives.

The workshop’s objective was to enhance supervisory convergence in the supervision of closet indexing by facilitating insights and good practices amongst peers.  It did this by bringing together experts from a number of NCAs, who shared techniques, experiences and exchanged views on overcoming some of the key challenges faced when undertaking investigations.

Steven Maijoor, Chair, said:

“This was a well attended and successful event, in which supervisors from across the European Union shared key insights into the topic and exchanged views with their peers for the benefit of all NCAs’ supervision of this issue.”

Press release



© ESMA


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