Earlier this week, the European Commission published its
long-awaited proposals for the latest version of the UCITS
The main objective of the draft UCITS V Directive is to clarify
and harmonise the level of investor protection in the EU
through the alignment of tasks and responsibilities that are
expected from the depositaries of UCITS.
The EC proposal for amendments to UCITS V focuses on three
Clarification of the UCITS depositary's functions and
improvements to provisions governing their liability, should
assets be lost in custody; The introduction of rules on
remuneration policies that must be applied to key members of
the UCITS managerial staff; and Harmonisation of the minimum
administrative sanctions that are to be...