An Update On The UCITS V Directive

The UCITS V Directive shall shortly be published in the Official Journal of the European Union later on this year. The proposed UCITS V Directive, amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), emphasises 3 areas, mainly:

1. duties, delegation, eligibility and liability of the Depositary;
2. remuneration policy of senior management, risk takers and control functions; and
3. harmonisation of the sanction policy regime across European Member States, including the strengthening of cooperation to improve the effective detection of breaches of regulatory requirements.