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ARTICLE · 13 JANUARY 2017

Funds Quarterly Legislative Update 1 October - 31 December 2016

Dillon Eustace
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On 13 October 2016, Commission Delegated Regulation (EU) 2016/438 regarding the obligations of UCITS funds, their relevant management companies and their depositaries...

IrelandCorporate/Commercial Law
Dillon Eustace
Dillon Eustace
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UNDERTAKINGS IN COLLECTIVE INVESTMENTS AND TRANSFERRABLE SECURITIES ("UCITS")

(i) Irish Funds letter to the Central Bank regarding UCITS V Depositary Agreements

On 13 October 2016, Commission Delegated Regulation (EU) 2016/438 regarding the obligations of UCITS funds, their relevant management companies and their depositaries (the "Delegated Regulation") came into effect.

The Delegated Regulation, supplementing the UCITS V Directive, provides further detail on the obligations imposed on depositaries under UCITS V and includes certain elements that must be included in depositary agreements.

On 10 October 2016, Irish Funds submitted a letter to the Central Bank regarding Depositary Agreements subject to UCITS V. Irish Funds state that given the volume of UCITS V depositary agreements for completion, and having regard to some of the other amendments which have been required to be made to fund documentation, there were a number of cases where the

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