This is 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.

Since the new German federal government has imposed tight fiscal policy restrictions on itself, a pragmatic approach is needed to finance the spending requirements of the transformation. The financing instruments mentioned in the coalition agreement appears to be suitable in principle for...