Ribbon Particles Ignores Rotation and Uses World Location When Enabling Local Space

When enabling local space in the required module the ribbon type data doesn't behave as expected.
In the test project the two versions of a particle system have been set up one with local space enabled and one without. Each Particle system has a CPU type and a Ribbon Type emitter for comparison.

The Ribbon Type appears to ignore the rotation when set to use local space. It also still updates its position in world space rather than local.

1. Open attached project
2. PIE

RESULT
The Ribbon Type emitters aren't moving or rotating in local space.

EXPECTED
The Ribbon Type emitters move and rotate in local space.