HM Treasury has published its response to its October 2015 consultation paper on the implementation of UCITS V. HM Treasury’s priority when implementing UCITS V was to avoid gold-plating where possible and to ensure that UCITS V has minimal impact on industry. HM Treasury’s response confirms that no significant changes were made to the Undertakings for Collective Investment in Transferable Securities Regulations 2016 (SI 2016/225), which came into force on 18 March 2016.