Comment by Joy Dunbar, Editor of Absolute UCITS
UCITS V was published earlier this week. Even though in an ideal world this would probably be the last Directive for a decade – at least – I suspect that UCITS VI will be proposed before the ink dries on the latest version which is expected to be enforced by 2014.
This is because increased global regulation will affect all areas of the financial services industry and this is likely to continue for the next few years.
UCITS V focuses on the clarification of the depositary's functions, the introduction of