Article 54 of Directive 2009/65/EC permits competent authorities to authorise UCITS to invest up to 100% of their assets in transferable securities issued by certain issuers e.g. sovereigns. Do the six different issues mentioned in Article 54(1), third sub-paragraph of the UCITS Directive refer to any kinds of issues of transferable securities and money market instruments or must they be guaranteed by a Member State, one or more of its local authorities, a third country or a public international body to which one or more Member States belong? If the UCITS holds more than six different issues, must all of these issues comply with the 30 % limit?

Can netting and hedging arrangements be taken into account for the purposes of calculating issuer concentration limits pursuant to Article 52 of the UCITS Directive?

Does the 40% limit set out in Article 52(2) of the UCITS Directive apply to index-tracking UCITS that are subject to Article 53 of the UCITS Directive?

Question 3 [last update 30 March 2021]: Are ELTIFs in scope of the Guidelines on performance fees?

Question 2 [last update 30 March 2021]: Paragraphs 40 and 41 of the Guidelines on
performance fees recommend that the length of the performance reference period (if this is
shorter than the whole life of the fund) should be set equal to at least 5 years. How should the
performance reference period be set for the first time in light of the application date of the
guidelines?