On 4 June 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive.
Five new Q&As have been inserted, regarding:
- the distinction between depositary tasks and mere supporting tasks;
- depositary tasks entrusted to third parties;
- performance of depositary functions where there are branches in other Member States;
- supervision of depositary functions in case of branches in other Member States; and
- delegation by a depositary to another legal entity belonging to the same group.