Abstract

http://ssrn.com/abstract=1986852
 


 



The Regulatory Regime for Exchange-Traded Funds in the European Union


Eddy Wymeersch


Ghent University - Financial Law Institute; ECGI

May 16, 2011

University of Ghent Financial Law Institute Working Paper No. 2011-09

Abstract:     
Exchange trading funds are treated in at least three different manners in Europe: as listed securities, as UCITS (or: classic investment funds) and in the future as Alternative Investment Funds. The latter qualification will become essential within two years once the directive on Alternative Investment Fund Managers (or: AIFMD) has come into force. ETFs that do not qualify as UCITS will be considered AIFs, and as a consequence their asset managers will have to be authorised according to this directive. However, the directive leaves very wide freedom to the manager’s investment policies, and therefore the AIF regime may be well suited for ETFs that do not meet the strict requirements of the UCITS directive.

Number of Pages in PDF File: 8

Keywords: Exchange traded funds, ETF regulation, trackers, alternative investment funds, AIFMD, UCITS

JEL Classification: K22

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Date posted: January 22, 2012  

Suggested Citation

Wymeersch, Eddy, The Regulatory Regime for Exchange-Traded Funds in the European Union (May 16, 2011). University of Ghent Financial Law Institute Working Paper No. 2011-09. Available at SSRN: http://ssrn.com/abstract=1986852 or http://dx.doi.org/10.2139/ssrn.1986852

Contact Information

Eddy O. Wymeersch (Contact Author)
Ghent University - Financial Law Institute ( email )
Universiteitstraat 4
Gent, B-9000
Belgium
+32 9 264 68 27 (Phone)
+32 9 264 68 55 (Fax)
HOME PAGE: http://www.law.ugent.be/fli
ECGI ( email )
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
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