Final adoption of the UCITS V Directive
By Mevlüde-Aysun Tokbag
On 23 July 2014, the Council of the European Union has formally approved the proposal for a directive of the European Parliament and of the Council amending Directive 2009/65/EC on the co-ordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as regards depositary functions, remuneration policies and sanctions (the UCITS V Directive).
The UCITS V Directive focuses on three main areas: (1) a new depositary regime that includes a clarification of depositary eligibility, duties, responsibilities and liabilities and a set of rules under which tasks and responsibilities can be delegated — mainly focusing on the sub-custodian network; (2) rules governing remuneration policies of UCITS managers that shall be applied to key members of the UCITS managerial staff; and (3) the harmonisation of the minimum administrative sanctions regime across member states…
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On 16 July 2014, Luxembourg adopted the law concerning the compulsory deposit and immobilisation of shares and units in bearer form.
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