1 Legal basis
1. ESMA’s competence to deliver an opinion is based on Article 29(1) of Regulation (EC) No 1095/2010 of the European Parliament and of the Council [Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC.] (the ‘Regulation’). In accordance with Article 44(1) of the Regulation, the Board of Supervisors has adopted this opinion.
2 Background
2. The UCITS Directive recognises the possibility for UCITS to offer different share classes to investors, but it does not prescribe whether, and to what extent, share classes of a given UCITS can differ from one another. ESMA has identified diverging national practices as to the types of share class that are permitted, ranging from very simple share classes (e.g. with different levels of fees) to much more sophisticated share
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