On October 12, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&A) on the EU Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. The changes include the addition of clarification: 1) that the term “regulated market in a member state” includes a multilateral trading facility (as defined by the Markets in Financial Instruments Directive); 2) that remuneration disclosure information does not need to be translated into the same languages as the UCITS fund’s key investor information document; 3) on collateral management calculations in the context of UCITS rules limiting investments in units of other funds; and 4) disclosure requirements affecting UCITS introduced by the EU Securities Financing Transactions Regulation.