The Central Bank of Ireland (Central Bank) has confirmed its view that it is reasonable for a UCITS money market fund, authorised before 18 February 2013, to delay its compliance with paragraph 43(e) of the ESMA guidelines on ETF’s and other UCITS issues (the Guidelines) until such time as ESMA has concluded its consultation process (detailed below) which proposes a revision of the Guidelines in the provisions on diversification of collateral that take the form of money market funds in the context of efficient portfolio management (EPM) techniques and OTC transactions. ESMA issued its original Guidelines on 18 December 2012 and noted that UCITS created before 18 February 2013, could avail of the transitional provisions and comply by 18th February 2014. However, the Guidelines, in particular paragraph 43(e), may change following the conclusion of the current Consultation.