On 19 July 2016, the European Securities and Markets Authority (ESMA) published an updated questions and answers document (Q&A)  on the application of the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS).

The Q&A includes one new question and answer on the impact of the European Market Infrastructure Regulation (EMIR) on the UCITS framework, regarding the valuation of centrally cleared OTC derivatives by UCITS management companies.

The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of the UCITS and its implementing measures.