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ESMA issues first pan-EU overview of use of supervisory sanctions for UCITS

04 April 2019

The European Securities and Markets Authority (ESMA) has issued today its first annual report on sanctions imposed by national competent authorities (NCAs) under the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive.

Under the UCITS Directive, NCAs can impose sanctions for the infringements of its provisions, such as on management companies, depositary as well as information provided to investors.

The report provides an aggregated overview of the penalties and measures issued under the UCITS Directive for 2016/2017, based on data submitted to ESMA by NCAs.

Background

The UCITS Directive is a detailed, harmonised framework for investment funds that can be sold to retail investors throughout the EU. This means that funds authorised in one Member State can be marketed in another Member State using a passporting mechanism. There are more than 29,000 UCITS funds in the EU which represent over €8 trillion of assets under management.