National regulators will expect a written pricing process to be developed in respect of UCITS and AIFs. This is if the ESMA proposal of 4 June 2020 directed at national regulators is implemented. The aim of the ESMA proposal is to prevent undue costs being charged to investors of UCITS and AIFs. Aside from the documented pricing process, suggestions are made about how national regulators can use their supervisory processes to prevent undue costs being charged as well as actions to be taken if undue costs materialise. As part of our soundbite Series, listen to a five minute overview of the key aspects of the proposal from Kerill O'Shaughnessy, Partner.