Q: Regulation 104 of the Central Bank UCITS Regulations, refers, in the context of UCITS management company to 'half of its directors'. How should this be determined where the number of directors is uneven?
A. Where the number of board members is an uneven number the number will be half of one less than the number of board members For example if the number of board members is 5 half of its directors would be 2.