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ARTICLE · 19 JULY 2017

Funds Quarterly Legislative Update April-June 2017

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On 6 April 2017, the European Securities and Markets Authority ("ESMA") published its updated Q&A on the application of the UCITS Directive (2009/65/EC), as revised by UCITS V (2014/91/EU).

IrelandCorporate/Commercial Law
Dillon Eustace
Dillon Eustace
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FUNDS QUARTERLY LEGAL AND REGULATORY UPDATE

Undertakings in Collective Investments and Transferrable Securities ("UCITS")

(i) ESMA publishes updates to the Q&A on application of UCITS Directive

On 6 April 2017, the European Securities and Markets Authority ("ESMA") published its updated Q&A on the application of the UCITS Directive (2009/65/EC), as revised by UCITS V (2014/91/EU) (together the "UCITS Directive"). One new Q&A was added concerning cross-border activities by UCITS management companies. It clarifies that a UCITS management company can notify cross-border activities without having to identify a specific UCITS.

On 24 May 2017, ESMA published a press release announcing it has further updated the UCITS Directive Q&A. One new Q&A was added concerning the use by a UCITS of the exemption for intragroup transactions under Article 4(2) of the Regulation on OTC derivative transactions, central counterparties and trade repositories (Regulation 648/2012) ("EM

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