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EMEA Centre for Regulatory Strategy - European Commission proposals on a revision of the UCITS (UCITS V)


European Commission proposals on a revision of the Undertaking for Collective Investment in Transferable Securities (UCITS V). Key changes and impact on firms.


The European Commission published on Tuesday 3 July a proposal for regulations and administrative provisions in respect of depositary functions, remuneration policies and sanctions relating to UCITS.

Notwithstanding the impact of the financial crisis on the UCITS industry, this proposal is driven by the fact that the rules relating to depositaries have remained unchanged since the first UCITS Directive was adopted in 1985.

In each successive revision there was some discussion in the preliminary stages of a depositary passport and of depositary issues. With UCITS V the European Commission proposes a modernised Depositary regime - the challenge will be ensuring that this “modernisation” strikes an appropriate balance.

There are three elements in this proposal:

  • A new depositary regime which includes a clarification of the depositaries’ duties, responsibilities and liabilities and a set of the rules under which tasks and responsibilities can be delegated – mainly focussing on the sub-custodian network.
  • Rules governing remuneration of principal actors (i.e. senior managers, risk takers and those who exercise control functions).
  • A sanctions regime.

Discover all the details of this proposals in the PDF attached above.

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