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ARTICLE · 11 APRIL 2014

UCITS V Directive - Update

Dillon Eustace
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Agreement was reached in relation to the EC’s proposals to strengthen the rules for undertakings for collective investment in transferable securities.

European UnionCorporate/Commercial Law
Benedicte O'Connor
Benedicte O'Connor
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BACKGROUND

On February 25, 2014, following the trilogue negotiations among the European Parliament, the European Council and the European Commission, agreement was reached in relation to the European Commission's set of proposals to strengthen the rules for undertakings for collective investment in transferable securities ("UCITS"). This concluded the negotiations in relation to the draft UCITS V proposals which were originally put forward by the European Commission in July 2012 with the aim of addressing lessons learned from the financial crisis, most notably in connection with the Madoff fraud and the Lehman Brothers default which revealed material divergences in rules on depositary duties and liabilities across EU member states. The new rules are designed to significantly increase the level of protection enjoyed by UCITS investors and are seen as a key step towards restoring investor confidence in the wake of the financial crisis.

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