Wrappers / Structures

AIMA calls for depositary passport in UCITS V proposal


AIMA, the global hedge fund association, has called for the establishment of a UCITS depositary “passport” regime in its position paper on the proposal for a UCITS V Directive in the European Union.

AIMA said that institutions authorised by one European Union country to act as a UCITS depositary should be granted automatic rights to provide the same services throughout the EU. Currently, the Directive limits the provision of depositary services to funds located in the same member state as the depositary institution.

Such a UCITS depositary “passport” would allow for cross-border provision of depositary services, based on