Training Session

Nov 8, 2022
2:00 PM


Nov 8, 2022
5:00 PM
Where ?
Arendt House
41A, Avenue John F. Kennedy
L-2082 Luxembourg-Kirchberg


The objectives are to provide participants with an overview of the obligations applicable to UCITS under: (i) the EU Benchmarks Regulation; (ii) the EU KIIDs Regulation, as interpreted by section II of the European Securities and Markets Authority’s (ESMA) Questions and Answers on the application of the UCITS Directive (ESMA UCITS Q&A); and (iii) the ESMA Guidelines on performance fees in UCITS and certain types of AIFs.


a) Benchmarks Regulation:

  • temporal and geographical scope
  • key concepts used by the regulation including the definition of a benchmark and the various types of use with a focus on border line cases
  • obligations applicable to UCITS management companies/UCITS boards
  • current developments in the area of benchmarks, including the transition away from Interbank Offered Rates
  • case studies linked to the completion of the CSSF’s Benchmarks Questionnaire

b) KIIDs Regulation (as interpreted by the ESMA UCITS Q&A):

  • interplay with the Benchmarks Regulation
  • notion of a benchmark index
  • scope of the disclosure rules/notion of a fund managed in reference to a benchmark index
  • consistency between various marketing materials and timing for updates
  • case studies on the approach to the disclosure of a benchmark for various categories of investment strategies

c) Guidelines on performance fees in UCITS and certain types of AIFs:

  • interplay with the Benchmarks Regulation and the KIIDs Regulation
  • notion of a reference benchmark index
  • obligations in relation to the use of a reference benchmark index


Piotr Giemza-Popowski (Counsel, Investment Management practice, Arendt & Medernach)

Allison Niccoletti (Associate, Investment Management, Arendt & Medernach) 


Target Group

Directors of UCITS funds, compliance officers within UCITS management companies and sponsors/distributors of UCITS products.


3 hours






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