Politics & Regulation

‘Retailisation’ concerns prompt rule change


New rules that aim to reduce risks and deliver more transparency for investors exposed to retail complex products within the UCITS wrapper will be introduced by the European Securities and Markets Authority.

Steven Maijoor, chairman of ESMA – the new Europe-wide securities markets regulator that has drafted the implementation measures for the Alternative Investment Fund Managers Directive for the EC and reviewed various aspects of the UCITS Directives – told the European Fund and Asset Management Association Investment Management Forum in Brussels last week that it the regulator was focusing on the future guidelines on ETFs and structured UCITS