IOSCO asks about ETF disclosures in securities lending

The purpose of this questionnaire is intended to support our IOSCO mandate by seeking to generate a more granular understanding of certain topics regarding ETFs including during the market volatility in March/April 2020 and particularly fixed income ETFs (FI ETFs). It targets both ETF issuers (Part A) and market makers (MMs) / liquidity providers (LPs) (Part B) that are active in these markets. IOSCO will take into account the questionnaire responses in formulating any potential guidance with respect to ETFs in the future

Questions on securities lending disclosures:

  1. If applicable, please describe your policies for assisting investor understanding of ETF fees and expenses. Are there particular disclosures (e.g. income from securities lending) or measures that are effective in the case of a zero-fee ETF?
  2. Please describe your views on how to make disclosures of secondary market trading costs, spreads and variations from NAV, rebalancing and swap costs, and securities lending/repo income more effective for different investors, including retail investors.

The full survey is available at

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