On 5 March 2016, the Decree implementing the UCITS V Directive (2014/91/EU) (Implementatiebesluit wijziging richtlijn icbe’s, the Implementation Decree) entered into force. The Implementation Decree amends the Decree on Conduct of Business Supervision of Financial Undertakings (Besluit Gedragstoezicht financiële ondernemingen), the Decree on Prudential Rules for Financial Undertakings (Besluit prudentiële regels Wft), the Decree on Market Access of Financial Undertakings (Besluit Markttoegang financiële ondernemingen Wft) and the Decree on Administrative Fines in the Financial Sector (Besluit bestuurlijke boetes financiële sector).

The Implementation Decree aims to increase investor confidence in undertakings for collective investment in transferable securities by strengthening the requirements on the duties and liability of depositaries (bewaarders), relating to, among other things, the outsourcing of activities by the depositary and the provision of information by the depositary. Furthermore, the Implementation Decree sets out new rules including, but not limited to, an increase of the available own funds of a depositary from € 112,500 to € 730,000 and amendments in respect of the administrative fines which can be imposed.

View the Implementation Decree (Dutch only), 5 March 2016.