1. The following is a list of the key legislation in this area:
• European Communities (UCITS) Regulations 2011 (the "UCITS Regulations")
• Council Directive 2009/65/EC (the "Directive")
• Commission Directive 2007/16/EC (the "Eligible Assets Directive") which clarifies certain definitions of the Directive
• Commission Directive 2010/43/EC as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company
• European Commission Recommendation 2004/383/EC on the use of financial derivative instruments for undertakings for collective investment in transferable securities (UCITS) (the "Commission Recommendation")
• ESMA guidelines concerning eligible assets for investment by UCITS ref: CESR/07-044 ("ESMA guidelines")
• ESMA guidelines on Risk Measurement and the Calculation of Global Exposure and Counterparty Risk for UCITS
• ESMA guidelines to competent authorities a
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