Q. Does the ESMA opinion on Article 50(2)(a) of Directive 2009/65/EC (Ref. 2012/721 of 20 November 2012) relate only to investments by UCITS in open-ended non-UCITS investment funds?
A. Yes. The ESMA opinion and the provisions set out in Regulation 68(1)(e) of the UCITS Regulations are applicable only to investments by UCITS in open-ended non-UCITS investment funds.