Esma aims for the middle ground with draft ETF guidelines

European ETF industry welcomes Esma's draft guidelines

Exchange-traded funds (ETFs) should include an identifier and make clear any strategy or leverage that is used, as well as all risks relating to securities lending, according to the European Securities and Markets Authority (Esma).

"A Ucits ETF should use an identifier; a detailed description of the risks involved in securities lending activities, including counterparty risk and potential conflicts of interest, and the impact they will have on the performance of the Ucits; a Ucits ETF that is

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