Esma to step up smart beta scrutiny

Regulator set to focus on backtesting and replicability of index products

Esma: smart beta under scrutiny

The European Securities and Markets Authority (Esma) is preparing to intensify its scrutiny of smart beta index products this year, a senior official at the watchdog has indicated, with a particular focus on the replicability behind the methodologies of products targeted at end-investors.

In an interview with, Patrick Armstrong, Paris-based senior officer for financial innovation at Esma, says the regulator will focus on the methodologies firms use when constructing alternative indexes

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