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04 April 2019

ESMA issues first pan-EU overview of use of supervisory sanctions for UCITS

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The European Securities and Markets Authority issued its first annual report on sanctions imposed by national competent authorities (NCAs) under the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive.

The UCITS Directive is a detailed, harmonised framework for investment funds that can be sold to retail investors throughout the EU. This means that funds authorised in one Member State can be marketed in another Member State using a passporting mechanism.

Under the UCITS Directive, NCAs can impose sanctions for the infringements of its provisions, such as on management companies, depositary as well as information provided to investors.

This report contains an overview of the applicable legal framework and information on the penalties and measures imposed by NCAs in accordance with Article 99e of the UCITS Directive from 1 January 2016 to 31 December 2016 and from 1 January 2017 to 31 December 2017.

Separate reports will be issued for the subsequent reporting periods.

Full report


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