ESMA updates UCITS and AIFMD Q&As Funds All Articles in this Issue Date: 26 July 2018 On 23rd July 2018, the European Securities and Markets Authority (ESMA) 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 included 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.