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ARTICLE · 15 MARCH 2016

Dutch Market In Rush To Meet Ucits V Deadline

De Brauw Blackstone Westbroek
De Brauw Blackstone Westbroek
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De Brauw Blackstone Westbroek

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AIFMD, which came into force in 2014, introduced similar rules for the safekeeping of assets.

NetherlandsFinance and Banking
Kees Groffen
Kees Groffen
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The Dutch funds industry is locked in negotiations over new contractual obligations for depositaries in the run-up to theimplementation of Ucits V in March. Contrary to the rest of the European Union, Dutch listed Ucits funds were previously exempted from having a depositary bank tokeep their assets safe.

Robert Sims, a lawyer at Clifford Chance, says that in the Netherlands a separate entity or title holder would "hold and ringfence" the assets of a Dutch Ucits fund."However, that is changing with Ucits V," says Mr Sims. "Custodians were not held to assume depositary liability, but now they will."

Kees Groffen, partner at law firm De Brauw Blackstone Westbroek, adds: "There has always been an exception in the Netherlands in that listed Ucits did not have to appoint a depositary."That exception has been deleted in the Ucits V directive."Although the Netherlands is a relatively small market for Ucits funds, experts expect more Ucits V preparatory work to becarried

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