Final Adoption Of The UCITS V Directive

On 23 July 2014 the Council of the European Union has formally approved the proposal for a directive of the European Parliament and of the Council amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as regards depositary functions, remuneration policies and sanctions (the "UCITS V Directive").

The UCITS V Directive focuses on three main areas:

1. a new depositary regime which includes a clarification of depositary eligibility, duties, responsibilities and liabilities, and a set of rules under which tasks and responsibilities can be delegated — mainly focusing on the sub-custodian network;