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The EU Commission proposes level 2 measures on UCITS V

Directive 2014/91/EU namely the UCITS V Directive, entered into force on 25 September 2014. It will apply from 18 March 2016 onwards.The UCITS V Directive is largely aligning the UCITS requirements as regards to the depositary and remuneration with AIFMD.

On 17 December 2015, the EU Commission published a proposal for a Commission Delegated Regulation (the “Proposal”) supplementing the UCITS IV Directive with regard to the depositaries functions. The depositaries functions as set forth in the Proposal specify the depositaries obligations which are for most of them aligned to the Commission Delegated Regulation 213/2013 on the AIFM depositary duties except for areas where UCITS level 1 text differ from AIFMD  requirements (re-use of assets, insolvency protection, liability discharge, independence of depositary, etc.).

The delegated acts shall enter into force in September 2016, 6 months after the entry into force of UCITS V (18 March 2016).