The Irish Government has passed the necessary implementing
legislation applying the UCITS V Directive ("UCITS
V") at a national level. The European Union
(Undertakings for Collective Investment in Transferable Securities)
(Amendment) Regulations 2016 ("UCITS
Regulations") were signed into law by the Irish
Minister for Finance on 21 March 2016. UCITS V amends the
regulatory framework for Undertakings for Collective Investment in
Transferable Securities ("UCITS") to
address issues relating to the depositary function, manager
remuneration and administrative sanctions. Ireland is among
the first of the EU member states to implement UCITS V.
While UCITS V is now applicable in Ireland, detailed
implementing measures, known as "Level 2 measures",
providing further detail on the rules applicable to UCITS'
depositaries, are expected to apply from October 2016. On 1
February 2016, the European Securities and Markets Authority
("ESMA") issued a questions and answers
document
