UCITS V – August 2012


The European Commission published a proposal for amendments to the UCITS Directive on 3 July 2012 in the form of a draft directive to be known as UCITS V. Many of the provisions in UCITS V reflect corresponding provisions in the Alternative Investment Fund Managers Directive. The main purpose of UCITS V is to align the two Directives so that the same obligations apply to custodians of both UCITS and non-UCITS funds. These proposed changes came about as result of the concern around the role of the custodian arising from both the Madoff fraud and the Lehman collapse. The other proposals in UCITS V address remuneration policies and sanctions. The purpose of this briefing is to consider each of the proposals.

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