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20 July 2022 | ESMA34-43-392 Questions and Answers Application of the UCITS Directive ESMA 201-203 rue de Bercy CS 80910 75589 Paris Cedex 12 France Tel. +33 (0) 1 58 36 43 21 2 Date: 20 July 2022 ESMA34-43-392 Contents Section I General .. 7 Question 1: Directive 2014/91/EU (UCITS V) update of documentation .. 7 Question 2: Master-feeder structures .. 8 Question 3: Regulated markets under the UCITS Directive .. 8 Question 4: Investment limits .. 9 Question 5: Issuer concentration .. 9 Question 6: UCITS investing in other UCITS with different investment policies 10 Question 7: Supervision of branches .. 11 Section II Key Investor Information Document (KIID) for UCITS.

ESMA • 201-203 rue de Bercy • CS 80910 • 75589 Paris Cedex 12 • France • Tel. +33 (0) 1 58 36 43 21 • www.esma.europa.eu 2 Date: 17 December 2021

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