ESMA has published an opinion on practical arrangements for the late transposition of the UCITS IV Directive. It found that most Member States have not yet implemented the Directive and its implementing measures, which they were supposed to have done by 1 July. The opinion acknowledges the practical problems late implementation can cause and identifies practical issues related to passporting and notifications that individual regulators could address to help ease the problems. Specifically, Member States could not refuse notifications simply because their jurisdiction has not yet implemented the relevant requirements. Generally, ESMA’s proposals would work to allow activities permitted under the Directive, although it thinks master-feeder structures cannot be permitted if one of the Member States in which the UCITS is established has not implemented the Directive. (Source: ESMA Publishes Views on UCITS IV Late Transposition)