ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
45
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
Guidelines and Technical standards X Short Selling X Fund Management X Press Release X
Reset all filters
Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
14/04/2011 2011/118 Press release- ESMA sets out guidelines on risk measurement and the calculation of global exposure for certain types of structured UCITS , Press Release PDF
31.34 KB
13/07/2011 2011/214 Press release- ESMA seeks views on future rules for alternative investment fund managers , Press Release PDF
58.32 KB
22/07/2011 2011/221 Press release- ESMA seeks preliminary views on the potential shape of future regulation of exchange-traded funds and structured UCITS , Press Release PDF
33.85 KB
15/04/2011 2011/123 Press release- ESMA seeks preliminary views on future rules for alternative investment fund managers , Press Release PDF
39.69 KB
16/11/2011 2011/378 Press release- ESMA details future rules for alternative investment fund managers , Press Release PDF
61.82 KB
28/09/2018 ESMA71-99-1043 Press release- ESMA consults on stress testing rules for money market funds Press Release PDF
220.32 KB
19/12/2018 ESMA71-99-1085 Press release- ESMA consults on measures to promote sustainability in EU capital markets , , Press Release PDF
125.69 KB
05/02/2019 ESMA71-99-1106 Press release- ESMA consults on liquidity stress test guidance for investment funds Press Release PDF
82.55 KB
23/08/2011 2011/271 Press release- ESMA consults on future rules for alternative investment fund managers and the treatment of third country entities , Press Release PDF
64.05 KB
22/05/2015 2015/884 Press Release- ESMA calls for modification of UCITS Directive , Press Release PDF
44.13 KB
16/12/2019 ESMA71-99-1266 Press release on joint GLs on cooperation and information exchange , , Press Release PDF
206.03 KB
30/01/2017 ESMA71-844457584-331 Opinion on UCITS Share Classes Press Release PDF
149.99 KB
19/07/2019 ESMA71-99-1204 MMF stress testing and reporting guidelines release Press Release PDF
98.28 KB
07/04/2016 JC/2016/21 PR Joint Press Release draft RTS on PRIIPs , , Press Release PDF
207.66 KB
03/12/2012 2012/798 EU and Swiss regulators to co-operate on cross-border supervision of alternative investment funds , Press Release PDF
319.88 KB
02/02/2016 2016/138 ESMA updates on supervisory work on closet index tracking , Press Release PDF
120.08 KB

The European Securities and Markets Authority (ESMA) has published a Statement providing details of its work on closet index tracking funds.

Closet indexing, also known as index hugging, refers to the practice of fund managers claiming to manage portfolios actively when in reality the fund stays close to a benchmark. ESMA is concerned the practice may harm investors as they are not receiving the service or risk/return profile they expect based on the fund’s disclosure documents while potentially paying higher fees compared to those typically charged for passive management.

ESMA conducted research on a sample of 2,600 funds for the period 2012-2014 to determine whether it could find any indication of closet indexing at an EU-wide level. Quantitative metrics, such as the percentage of a UCITS’ portfolio that does not coincide with the underlying equity benchmark, indicated between 5 and 15% of UCITS equity funds could potentially be closet indexers. ESMA then reviewed the investor disclosure documents of the funds concerned, to see how they described their management strategy, and found they tended to confirm the quantitative analysis results.

12/02/2013 2013/214 ESMA seeks feedback for review of the Short Selling Regulation , Press Release PDF
75.26 KB
11/02/2013 2013/200 ESMA rules aim to curb excessive risk taking by alternative fund managers , Press Release PDF
95.78 KB
16/03/2020 ESMA71-99-1291 ESMA requires net short position holders to report positions of 0.1% and above , , , Press Release PDF
82.58 KB
10/01/2020 ESMA71-99-1270 ESMA report values EU Alternative Investment Funds at €5.8 trillion , , Press Release PDF
149.02 KB