The UCITS V Directive shall shortly be published in the Official Journal of the European Union later on this year. The proposed UCITS V Directive, amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), emphasises 3 areas, mainly:
- duties, delegation, eligibility and liability of the Depositary;
- remuneration policy of senior management, risk takers and control functions; and
- harmonisation of the sanction policy regime across European Member States, including the strengthening of cooperation to improve the effective detection of breaches of regulatory requirements.
The Proposed Text provides details of the proposed UCITS V Directive, whereas additional information on the revision of the UCITS Directive may be accessed from the European Commission’s website.
The MFSA shall initiate the implementation process of the UCITS V Directive once this is published in the Official Journal. The Directive will be mainly transposed by way of changes to the Investment Services Rules and the MFSA shall consult the industry in the usual manner.