ESMA has updated its UCITS Q&As to include a new Q&A relating to the impact of EMIR regarding the valuation of centrally cleared OTC derivatives by UCITS management companies.  As with the updated AIFMD Q&A referred to above, ESMA has confirmed that UCITS management companies are not able to rely on the valuation provided by a CCP, although it can serve as a point of reference, as the UCITS framework requires managers to have in place a process for proper and independent verification of the value of OTC transactions, even if they are centrally cleared. The Q&As were previously updated in April 2016 and the latest update is highlighted in yellow in the paper.