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ESMA updates UCITS and AIFMD Q&As

23 July 2018

The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the application of the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS) and the Alternative Investment Fund Managers Directive (AIFMD).

The Q&A documents include new questions and answers on:

  • UCITS investing in other UCITS with different investment policies;
  • Calculation of issuer concentration limits pursuant to Article 52 of the UCITS Directive;
  • Reuse of assets by a UCITS depositary under Article 22(7) of the UCITS Directive; and
  • The supervision of branches of UCITS Management Companies or AIFMs providing MiFID investment services.

The purpose of these Q&A documents is to promote common supervisory approaches and practices in the application of the UCITS Directive and AIFMD and their implementing measures.

ESMA will periodically review these Q&A documents and update them where required.