On 1 August 2014, the European Securities and Markets Authority (ESMA) published a press release announcing that it has published the official translations of its final updated guidelines on exchange traded funds (ETFs) and other UCITS issues. The guidelines are an update of the guidelines originally published in 2012.  The new version of the guidelines modifies the original provision on diversification of collateral received by UCITS in the context of efficient portfolio management techniques and over-the-counter financial derivative transactions. Publication triggers a period of two months within which competent authorities subject to these guidelines have to notify ESMA of their compliance position. The Central Bank is holding a consultation (CP 84 discussed above) on the derogation from ESMA’s 20% of net asset value issuer diversification rule with respect to collateral received for the purposes of EPM techniques and OTC derivative transactions. The final report on these guidelines issued in March 2014.