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ARTICLE · 06 AUGUST 2012

UCITS v Directive

Dillon Eustace
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In July 2012, the EU Commission (the "Commission") released a proposal on the revision of the Undertaking for Collective Investment in Transferable Securities ("UCITS") regime.

European UnionCorporate/Commercial Law
Brian Kelliher
Brian Kelliher
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BACKGROUND

In July 2012, the EU Commission (the "Commission") released a proposal on the revision of the Undertaking for Collective Investment in Transferable Securities ("UCITS") regime in respect of depositary functions, remuneration policies and sanctions relating to UCITS ("UCITS V").

The proposed amendments to the existing UCITS regime aim to address lessons learned from the financial crises, most notably in connection with the Madoff incident which highlighted a number of issues relating to inconsistency between member states of the EU ("Member States") in applying the provisions of the UCITS directive. The principal aim of the reform is to create uniform market conditions across the EU, thereby increasing investor protection and investor confidence and safeguarding the integrity of the UCITS market and brand worldwide.

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