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On July 23, the European Securities and Markets Authority (ESMA) issued a press release announcing updates to two of its sets of Questions and Answers (Q&As): (1) Q&As relating to the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive; and (2) those relating to the Alternative Investment Fund Managers Directive (AIFMD).
The updated UCITS Directive Q&As feature four new questions and answers with respect to:
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UCITS investing in other UCITS or collective investment undertakings which have different investment policies;
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whether netting and hedging arrangements can be taken into account in the calculation of issuer concentration limits;
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re-use of assets held in custody by a UCITS depositary; and
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the supervision of branches of UCITS management companies providing investment services.
The updated AIFMD Q&As include one new question and answer which concerns the supervisory responsibilities of competent authorities in host EU member states when an alternative investment fund manager provides investment services through a branch established in that member state, effectively repeating the fourth item above in the context of alternative investment fund managers.
ESMA previously updated both Q&As in October 2017 (further details of that update are available here).
ESMA’s press release is accessible here.
The UCITS Directive Q&As are available here and the AIFMD Q&As, here.
