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ARTICLE · 12 DECEMBER 2012

Draft UCITS V Directive: Assessment of Key Elements

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The European Commission officially released a draft proposal of the UCITS V Directive on 3 July 2012.

IrelandCorporate/Commercial Law

Originally published 12 July 2012

The European Commission officially released a draft proposal of the UCITS V Directive  on 3 July 2012. 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 initial assessment of the key elements addressed in the UCITS V Directive, according to the draft released.

Background

The UCITS regime was only recently updated, pursuant to Directive 2009/65/EC (the "UCITS IV Directive") and 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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