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ARTICLE · 12 FEBRUARY 2013

ESMA Issues An Opinion On "10% Unlisted Bucket" Assets

Mason Hayes & Curran LLP
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The Article provides that a UCITS shall not invest more than 10% of its assets in transferable securities or money market instruments other than those referred to in Article 50(1).

IrelandFinance and Banking
Fionán Breathnach
Fionán Breathnach
Mark Browne
Mark Browne
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The European Securities and Markets Authority ("ESMA") has published an opinion (the "Opinion") on Article 50 (2)(a) of the UCITS Directive (2009/65 EC) (the "Article") following questions that surround the interpretation of the Article.

The Article provides that a UCITS shall not invest more than 10% of its assets in transferable securities or money market instruments other than those referred to in Article 50(1).

ESMA's opinion states the following:

  • the Article concerns investments in transferable securities and money market instruments and does not refer to units or shares of collective investment undertakings; and 
  • the Article allows for a derogation from sub-paragraphs (a) to (d) and (h) but not from (e).

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