On August 1st 2014 (The "Publication Date"), the European Securities and Markets Authority ("ESMA") published the revised guidelines on ETFs and other UCITs issues (including translations thereof). Please see our newsletter of June 2014 for information on the content of the revised guidelines.
The new provisions on diversification of collateral received by UCITS in the context of efficient portfolio management techniques and over-the- counter financial derivative transactions shall therefore apply from October 1st 2014.
UCITS that exist before the Publication Date have 12 months to comply with the collateralisation and disclosure rules.
The CSSF on September 30th 2014 issued Circular 14/592 which implements the revised guidelines into Luxembourg regulation. The Circular comes into effect from the same date as the revised guidelines i.e. October 1st 2014.
The revised guidelines are available at: http://www.esma.europa.eu/content/Guidelines-ETFs-and-other-UCITS-issues-0
The Circular is available at: http://www.cssf.lu/fileadmin/files/Lois_reglements/Circulaires/Hors_blanchiment_terrorisme/cssf14_592.pdf
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.