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ESMA Decision Sets Stage for Major Changes

The European Securities and Markets Authroity (ESMA) released a decision on Tuesday, June 6th, which may potentaily have a huge impact on the retail market for investment shares. Essentially, ESMA stated that “all non-UCITS funds should be treated as complex so the ruling impacts more than just listed investment funds”, noted Will Normand, a partner at the law firm Travers Smith. ESMA’s decision noted that all listed investment companies would be considered “complex” per MiFID II, and would “prohibit brokers or platforms from selling investment company shares on an execution only basis.” For further information: http://funds-europe.com/news/esma-decision-could-have-extreme-impact-city-law-firm-warns

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