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ARTICLE · 22 APRIL 2014

UCITS V Directive: Impact Assessment

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The European Parliament gave its final approval to the UCITS V Directive on 15 April 2014.

European UnionCorporate/Commercial Law
Barry McGrath
Barry McGrath
Peter Stapleton
Peter Stapleton
Stephen Carty
Stephen Carty
Paul Dobbyn
Paul Dobbyn
Carol Widger
Carol Widger
Adam Donoghue
Adam Donoghue
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The European Parliament gave its final approval to the UCITS V Directive1 ("UCITS V") on 15 April 2014. Once formally approved by the Council it will proceed to translation and publication in the Official Journal of the European Union and will come into force 20 days after such publication.

This marks a further revision to the regime for Undertakings for Collective Investment in Transferable Securities ("UCITS") and is aimed specifically at enhancing certain measures within the UCITS framework, particularly in relation to investor protection.

Below is a high level assessment of the key elements addressed in UCITS V.

BACKGROUND

The UCITS regime was last updated pursuant to Directive 2009/65/EC together with various supporting directives and regulations (collectively "UCITS IV"). UCITS IV introduced a range of new measures to the regime with the broad aims of: (i) increasing EU cross-border efficiencies; and (ii) improving investor disclosure.

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