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UCITS V

Seize the evolution

Discover the challenges and opportunities brought forward by UCITS V, and how Deloitte Luxembourg can help you facing them.

The European Commission published on July 3rd a proposal for regulations and administrative provisions in respect of depositary functions, remuneration policies and sanctions related to UCITS.

With UCITS V the European Commission proposes a new depositary regime – the challenge will be ensuring that this “modernisation” strikes an appropriate balance.

In its impact assessment which accompanied the 2009 consultation document, the Commission highlighted that national divergences in the depositary regime could be the origin of significant legal uncertainty and could lead to different levels of investor protection across the EU. 

UCITS V in a nutshell

The European Commission has been considering a review of the UCITS regulation (UCITS V) since December 2010, at the time by launching a consultation on proposed changes to the depositary function and to UCITS managers’ remuneration. An additional and rather new topic added to UCITS V following an ESMA study in 2011, is a harmonised sanctions regime.

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UCITS V challenges and opportunities for the investment industry

Setting up and running a sub-custodian network, which has always been challenging, has become increasingly complex, particularly as there is no harmonised approach among Member States regarding the conditions applicable to this delegation and its on-going monitoring.

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Our UCITS services offering

eloitte Luxembourg has a regulatory, compliance and tax knowledge in the investment management area, especially important in designing and building your UCITS operating model and processes. Our team of experienced professionals with recognised industry experts can help you to meet the challenges and opportunities brought forward by UCITS V.

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