ESMA has published an updated version of its Q&As on the application of the UCITS Directive, as most recently revised by UCITS V. Two new answers have been included on how investment limits should be applied where a UCITS wants to invest in an umbrella fund. The answers focus on the limits set in Articles 55(1) and 56(2)(c) of the Directive and whether these should apply at the level of the umbrella or at the level of the individual sub-funds within the umbrella. The Q&As were previously updated in October 2016.