Fund managers await clarity on cost disclosure rules

European rules on greater disclosure of portfolio costs could apply sooner than expected

Guy Sears of the Investment Association
Guy Sears, Investment Association

As it stands, the second Markets in Financial Instruments Directive (Mifid II) from the European Securities and Markets Authority (Esma) will require investment firms to disclose all costs, ranging from ongoing charges to research fees and detailed transaction costs, as of January 3, 2017.

These proposals were first announced early last year, and then confirmed in final technical advice released in December.

Mifid II requirements themselves do not currently apply to Ucits funds, with greater

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