CESR have published guidelines on risk measurement and the calculation of global exposure and counterparty risk for UCITS. The key purpose of CESR's guidelines is to provide both regulators and companies managing UCITS with detailed methodologies to calculate the global exposure and counterparty risk for UCITS, while developing a level-playing-field in the area of risk measurement across EU Member States. CESR's guidelines will accompany the Level 2 implementing measures of the UCITS Directive, which will become applicable from 1 July 2011. In the guidelines, CESR also defines a set of high level principles relating to assets that may be used as collateral and cover rules for transactions in financial derivative instruments.