argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: Common Supervisory Action - ESMA - UCITS

A new initiative of the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, was launched for this new 2021; the specific initiative is called Common Supervisory Action (CSA) and it encompasses the cooperation with all national competent authorities (NCAs) on the supervision of costs and fees of UCITS (Undertaking for Collective Investment in Trasferable Securities) in the European Union. The objective of this initiative is to assess the compliance of supervised entities with the relevant cost-related provisions in the UCITS, and the obligation of not charging investors with undue costs. In order to pursue this objective, all NCAs need to consider to hold a meeting on the supervision of the costs, as they were published by the regulator in June 2020. The CSA will also cover entities employing Efficient Portfolio Management (EPM) techniques to assess whether they adhere to the requirements set out in the UCITS framework and ESMA Guidelines on ETFs and other UCITS issues.