ESMA has published an opinion on the interpretation of the restriction in Article 50(a) of the UCITS Directive that UCITS may not invest more than 10% of their assets in transferable securities and money market instruments other than those referred to in Article 50(1) of the UCITS Directive. It believes this article does not apply to investments in units or shares of collective investment undertakings and that, as a result, UCITS may invest in these only in accordance with Article 50(1)(e). The opinion says ESMA now expects necessary portfolio adjustments to be made at the latest by 31 December 2013. (Source: ESMA Publishes UCITS Opinion)