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On December 23, 2014, ESMA published a discussion paper on share
classes of Undertakings for Collective Investment in Transferable
Securities ("UCITS"), further to the UCITS Directive
recognizing the possibility for UCITS to offer different share
classes to investors. The discussion paper seeks to develop a
common understanding of what constitutes a share class, as well as
how to distinguish different share classes. ESMA aims to ultimately
develop a final position on the matter, as currently, national
practices are understood to vary significantly. The consultation
period ends on March 27, 2015.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
