The UCITS V Directive is adopted
After the publication of the new CSSF Circular 14/587 on UCITS depositaries last week, it is now the European legislator’s turn to adopt new rules on UCITS depositaries. Indeed, the Council of the European Union has now 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 (UCITS) as regards depositary functions, remuneration policies and sanctions (the so-called UCITS V Directive).
The directive reflects lessons learned from a number of failures in the UCITS market that led to losses of assets by UCITS investors and aims at re-establishing investor confidence. As the Alternative Investment Fund Managers Directive (AIFMD) already aims at mitigating the negative consequences of such failures for investors of alternative investment funds, it became necessary to align both regimes and apply such protective rules to retail investors as quickly as possible.
The new framework aims at strengthening the protection of UCITS investors vis-à-vis the depositaries and the managers of the funds, through new sets of rules relating to the depositary functions, the remuneration policies and the administrative sanctions applying to UCITS managers when failing to comply with their obligations under the UCITS V Directive…
Click on the link below to read the rest of the Arendt & Medernach briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Arendt & Medernach
Briefings from Arendt & Medernach
The CSSF has published the ninth update of its FAQ concerning the application of the Law of 2013, in particular giving guidance on reverse solicitation and marketing.
Stakeholders will have a very short transition period.