- English
-
Legal Services
Fiduciary Services
- AIFM & UCITS Management Company Services
- Accounting, Tax & Agency Services
- Commodity Pool Operator Services
- Company Secretarial & Board Support Services
- Conflict Review & Advisory Services
- Directorship Services
- Facilities Agent Services
- Permanent Office Solutions
- Power of Attorney & Proxy Agent Services
- Private Client Services
- Trustee Services
Fund Services
Regulatory & Compliance
-
Americas and Caribbean
Europe
-
PUT YOUR CAREER INTO GEAR
-
Maples Group Supports Lakemore Partners by Providing Comprehensive Services to Aquatine Fund V
18 Mar 2024Maples Group Welcomes Blessing Buraimoh as First Global Diversity, Equity and Inclusion Lead
14 Mar 2024
Analysis & Insights
KIID Review Required in Light of New ESMA Requirements around Benchmark Disclosures
17 Apr 2019
ESMA published updated guidance on 29 March 2019 in its UCITS Q&A on benchmark and past performance disclosures to be included in KIIDs. The updated guidance clarifies the disclosures relating to benchmarks and performance that should be included in the KIID and will necessitate a review of KIIDs (and fund documentation more broadly).
The guidance states that where a UCITS refers to any comparator – and not just an index or benchmark (a "Target"), this will trigger certain disclosure requirements in respect of the UCITS performance against the Target, even if the Target is not identified as a "benchmark" (e.g. where a UCITS aims to outperform 3-month EURIBOR). UCITS must also clearly indicate whether they are actively or passively managed ("passive" meaning index-tracking). In the case of a UCITS that is actively managed but states / implies reference to a Target for any aspect of management or performance measurement, the degree of freedom the manager exercises by reference to the Target must be disclosed.
Importantly, the guidance also stipulates that the disclosures in the KIID around performance measured against the Target must be consistent across all investor communications (including offering documents and marketing materials), across all channels of communication, and the same information must be provided to all investors. This new guidance should be implemented "as soon as practicable" or at the next KIID update.
Related Services
Funds & Investment Management
Related Contacts
Related Articles
-
Technical Publications
Considerations for Canadian Managers Operating Non-Canadian Funds
26 Mar 2024
-
-
Industry Updates
Cayman Islands Update: Upcoming Fundamental Changes to Beneficial Ownership Regime
12 Mar 2024
-
-
-
-
Industry Updates
Funds and Investment Management Update Ireland and Luxembourg Q4 2023
30 Jan 2024
-
Industry Updates
Irish Credit Servicing - Transposition of the EU Credit Servicing Directive
18 Jan 2024