The Treasury has undertaken a review of the Undertakings for Collective Investment in Transferable Securities Regulations 2011 (SI 2011/1613) (UCITS Regulations 2011), which transposed UCITS IV into UK law. The purpose of the review was to determine the effectiveness of the UCITS regime and covers: (i) the extent to which the UCITS Regulations 2011 are achieving their objectives; (ii) the impacts that have resulted, and in particular, to what extent the effects anticipated in the Regulations' original impact assessment actually occurred; and (iii) whether there have been any unintended consequences. The Treasury acknowledges that UCITS IV has since been amended by UCITS V and that UCITS VI is expected to follow and states that the government will continue to engage with industry and consumer groups to ensure that future UCITS legislation remains proportional and fit for purpose.