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UCITS VI - New consultations on UCITS

First steps toward UCITS VI

UCITS VI - New consultations on UCITSThe latest European Commission’s consultation paper on product rules, liquidity management, depositary, money market funds and long-term investments, colloquially referred to as UCITS VI, demonstrates the on-going regulatory scrutiny and is paving the way for further improvements of the UCITS framework.

The thematically wide-ranging UCITS VI consultations question a review of eligible assets for UCITS and put in particular money market funds under further scrutiny.

Recent findings and international discussions on shadow banking in mind, the Commission explores feasible policy options for the use of securities lending, repo’s and OTC derivatives within the UCITS product.

Furthermore, the EC is gathering feedback on the available toolkit to manage liquidity bottleneck under exceptional circumstances required by some UCITS during crisis related market turmoil’s, and on a few suggested rectifications of UCITS IV framework.

The UCITS VI consultation paper also seeks industry and regulator feedback on two more conceptional topics: The introduction of a European passport for depositary banks and on measures to foster long-term investments for retails investors.

Striving to keep pace with the international regulatory agenda, the level of granularity at which the Commission is seeking industry feedback, evidence and guidance across the different topics for UCITS VI suggests that impacts for the different stakeholders of any proposed changes are carefully considered.

The continuation of the UCITS success story, keeping the regulatory framework up to the state of art of the market environment appears to be at the forefront of the agenda.

Keeping you up to date with the on-going regulatory discussions, please find a summary of the key area’s under review for UCITS VI here below.

Contacts

  • Lou Kiesch
    Partner - Regulatory Consulting
  • Xavier Zaegel
    Partner - Capital Markets/Financial Risk Leader

Related links

  • ExternalURL
    European Commission – UCITS consultation
    The objective of the consultation is to find the best possible approach in order to maintain the confidence of investors and to continue promoting UCITS inside and outside Europe as the best fund legislation.

Learn more

  • ESMA's Q&A on ETFs and other UCITS issues (ESMA/2013/1547) - 10/12/2013
    On 27 November 2013, the ESMA published an updated version of the Q&A on ETFs and other UCITS issues. Compared to the previous versions dated of 15 March 2013 and 11 July 2013, this new version adds two Q&A’s.
  • UCITS IV: Synthetic risk & reward indicator - Not as simple it might seem | Brochure
    The SRRI definitely bears important implications: it will be actively looked at during the investment decision phase and subject to benchmarking with competitors.
  • UCITS IV: Validation of value-at-risk models - Looking inside the black box | Brochure
    Under UCITS IV, Internal Risk Models need to be validated by an independent party.

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