The text of the UCITS V Directive has been published in the Official Journal of the European Union.
The UCITS V Directive focuses on three areas:
- clarification of the UCITS depositary functions and improvements to provisions governing their liability, should assets be lost in custody;
- the introduction of rules on remuneration policies that must be applied to key members of the UCITS managerial staff; and
- harmonisation of the minimum administrative sanctions that are to be available to supervisors in case of key violations of the UCITS rules.
Member States must adopt and publish, by 18 March 2016, the laws, regulations and administrative provisions necessary to comply with the Directive. Member States must also apply such measures from that date.
View Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions, 28 August 2014