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ARTICLE · 17 FEBRUARY 2016

UCITS V Update - Timing Requirements

Dillon Eustace
Dillon Eustace
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On 1 February 2016, ESMA issued an updated UCITS Q&A to address certain questions relating to the implementation of the UCITS V Directive.

European UnionFinance and Banking
Benedicte O'Connor
Benedicte O'Connor
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On 1 February 2016, ESMA issued an updated UCITS Q&A to address certain questions relating to the implementation of the UCITS V Directive. This is a welcome development as it sheds light on a number of issues around documentation updates and, subject to any local transposing regulations and guidance issued by the Central Bank, will provide more time for UCITS to address the implementation of UCITS V.

Depositary Agreements

One of the challenges of updating existing depositary agreements to reflect the new duties and liability of the depositary under UCITS V has been the delay in the implementation of the UCITS V delegated acts, which will set out the minimum particulars that need to be included in the written contract with the depositary. The draft UCITS V delegated acts, published on 17th December 2015, are expected to come into effect in September / October 2016. According to ESMA, depositary contracts should be revised "promptly" in accordance with any

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