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ARTICLE · 06 APRIL 2018

Clarification Of UCIs Part II: Depositary Regime

Ogier
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Under the law of 10 May 2016 transposing UCITS Directive 2014/91/EU (UCITS V), it was originally expected that all undertakings for collective investment (UCIs) falling under the law ...

JerseyFinance and Banking
Anne-Gaelle Delabye
Anne-Gaelle Delabye
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Under the law of 10 May 2016 transposing UCITS Directive 2014/91/EU (UCITS V), it was originally expected that all undertakings for collective investment (UCIs) falling under the law of 17 December 2010 (the 2010 Law) would fall under the same depositary regime. In effect, extending the stricter rules applicable to UCITS under UCITS V to all other publicly available UCIs in Luxembourg (Part IIs).

This position proved controversial because Part IIs are alternative investment funds (AIFs), and the stricter rules gave rise to gold plating. The 2010 Law and the law of the 12 July 2013 transposing AIFM Directive 2011/61/EU have consequently been amended by the law of 27 February 2018 (the so-called "omnibus law") to allow Parts IIs that:

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