Just days following the final implementation of the Ucits IV directive, ESMA yesterday released two questions and answers documents gathered by both the general public and competent authorities.

The first of these Q&As aims to promote “common supervisory approaches and practices” concerning Ucits notifications, as the industry implements its measures.

As much as this document can benefit fund managers, its stated purpose targets competent authorities, to ensure that their supervision is in line with ESMA’s responses. Intended to be a living document, this Q&A is worth bookmarking, as it will be updated continually as new questions are received.

Mario Mantrisi, chief strategy and research officer at Kneip, says: “This Q&A is a welcome and useful tool for all asset managers as they navigate these new waters of notifications, written notices, attestations, and amendments.

”As we continue to expand and fine-tune our support of the application of the Ucits directive, we’re encouraged by the proactivity of ESMA in fostering supervisory convergence. The closer we get to having everyone on the same page, the more the entire industry benefits from the standardisation and clarity.

“Among other things, this first version of the Q&A addresses questions about notifications and updates, when letters and/or documents should be transmitted to home and host authorities. It also addresses specifics of when documents are expected to be available online, contact information, and which languages to use between home and host states.”