ESMA has updated its Q&A paper on the application of the UCITS Directive, which has most recently been revised by UCITS V. The Q&As have been amended to reflect a Q&A relating to master-feeder structures. In response to whether a UCITS can invest in a UCITS feeder fund, ESMA has answered in the negative. As UCITS feeder funds have to invest at least 85% of their net assets in their UCITS master fund, another UCITS cannot invest in a UCITS feeder fund. The Q&As were previously updated in February 2016.