The website JDSupra contains a brief entitled, "Regulatory restrictions on ancillary assets held by UCITS," which was written by law firm Allen & Overy LLP. It says, "On 3 November 2021, the CSSF [Luxembourg's Commission de Surveillance du Secteur Financier] published a press release 21/26 regarding the updates of its FAQ on the law of 17 December 2010 and FAQ on money market funds (MMFs) regulation (MMFR), which respectively clarify (i) the circumstances and the extent to which UCITS may hold ancillary liquid assets, as well as (ii) the UCITS and MMF diversification rules.... The updated FAQ clarifies that ancillary liquid assets under article 41(2) of the UCI Law are limited to bank deposits at sight, which means that the deposits must be accessible on demand or after a very short notice period. For instance, cash held in current bank accounts - accessible at any time - to cover (ordinary or exceptional) payments or which is temporarily retained for the period strictly necessary pending reinvestment or more favourable market conditions, is a deposit at sight. Ancillary liquid assets may not exceed 20% of the UCITS (or the relevant sub-fund’s) net assets, except in extraordinary unfavourable market conditions (the CSSF mentions as examples the ones following the 9/11 attacks or the Lehman Brothers bankruptcy) and for a period strictly necessary when circumstances so require and the investors’ interests so justify. This contrasts with the previously accepted position that ancillary liquidity could represent up to 49% of net assets." The brief continues, "The updated FAQ further specifies that bank deposits, money market instruments (MMIs) and MMFs that meet the criteria of article 41(1) of the UCI Law are eligible assets but cannot be included in the ancillary liquid assets." It adds, "In its updated FAQ on MMFR, the CSSF confirms that the 10% concentration limit in deposits held with the same credit institution also applies to ancillary liquid assets. Ancillary liquid assets held by an MMF are also limited to 20% of its net assets."

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