The Financial Regulator has provided information on the authorization process for UCITS which includes a review of the coherence between a UCITS investment policy and the Risk Management Process (RMP) regarding the use of FDIs by 'non-complex' UCITS. The Financial Regulator has provided advice on requirements regarding the leverage disclosure which is required by a UCITS employing either the commitment approach or VaR measures. For UCITS using VaR measures information is provided regarding the disclosure of expected leverage and the possibility of higher leverage, and for UCITS using FDIs under the Commitment Approach further information and guidance regarding the required disclosures is also provided. The Financial Regulator will be updating the relevant UCITS Notices and Guidance Notes as part of the UCITS IV implementation.