Q. Regulation 9(4) of the Central Bank UCITS Regulations provides that a 'responsible person shall not invest assets of the UCITS in a financial index where a single component's impact on the overall return of that index exceeds the diversification requirements set out in Regulation 71 of the UCITS Regulations'. The Central Bank had, in Guidance Note 2/07, stated that a UCITS proposing to use a financial index comprised of eligible assets with concentrated levels in excess of that permitted by the Regulations, may, applying a look through approach, consolidate the constituents of the index with the assets held directly by the UCITS to ensure it meets the risk-spreading requirements of the Regulations. Is the Central Bank continuing to adopt this position in light of Regulation 9(4)?