UCITS V Remuneration guidelines - ESMA takes a "proportionate" approach

24 July 2015

CITS managers breathed a collective sigh of relief yesterday following the publication of ESMA’s Consultation Paper on UCITS remuneration guidelines.

There had been fears that ESMA may have followed the EBA’s conservative approach to proportionality in its consultation on the CRD IV remuneration code. Instead ESMA has differentiated the UCITS sector from credit institutions and taken an industry friendly approach by preparing guidelines which are broadly similar to those applicable to AIFMs.

In this publication we summarise key points from the consultation paper and discuss the next steps for UCITS managers.