Q. Paragraph 6(d) Schedule 7 of the Central Bank UCITS Regulations reflects ESMA Guideline 35(d). In this Regulation/Guideline is the reference to "revenue" applicable only to revenue from securities lending arrangements and repurchase/reverse repurchase agreements?
A. In accordance with paragraph 6(d) Schedule 7 of the Central Bank UCITS Regulations the following disclosure is to be included in the annual reports issued by UCITS:
The revenues arising from efficient portfolio management techniques and instruments for the entire reporting period together with the direct and indirect operational costs and fees incurred. ().
A reasonable interpretation of the reference to "revenue" in Guideline 35(d), subject to any clarification which may be provided by ESMA, would be that it is applicable only to revenue from securities lending arrangements and repurchase/reverse repurchase agreements.