On 6 January 2021, the European Securities and Markets Authority (ESMA) announced that it was launching a Common Supervisory Action (CSA) with Member State national competent authorities (NCAs) on the supervision of costs and fees of UCITS across the EU. The CSA will be conducted during 2021. The CSA will assess entities’ compliance with the relevant cost-related provisions in the UCITS framework and the obligation of not charging investors with undue costs. NCAs will take into account the ESMA supervisory briefing on the supervision of costs published in June 2020. The CSA will also cover entities employing efficient portfolio management techniques to assess whether they adhere to the requirements set out in the UCITS framework and ESMA guidelines on exchange traded funds and other UCITS issues


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