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UCITS V

Overview

The UCITS (Undertakings for Collective Investment in Transferable Securities) Directive takes up most of the current legislative framework of UCITS IV & AIFM Directives. The new provisions focus on the fund depositary, the remuneration policy and the applicable regime for sanctions.

The UCITS Directive aims at strengthening asset protection, transparency and information to investors. 

Main provisions

  • Eligibility of depositaries is limited to Credit institutions and MiFID regulated companies. The depositary has to be located in the fund domicile (no depositary passport).
  • Strong liability regime for the depositary, which is liable to the UCITS and its unit holders for the loss related to the assets held in custody, unless the depositary can prove that the loss has arisen as a result of an external event beyond its reasonable control.
  • Increased cash monitoring obligations, similar to AIFMD provisions.
  • Reinforced obligations for the selection of the depositary.
  • Transparent management companies remuneration policies (to be provided in the KIID, the prospectus and in the annual reports).
  • Harmonised European regulation for sanctions.

More information

> ESMA's "Technical Advice"

> The level 1 directive

> EU Commission's Level 2 delegated acts

> ESMA's consolidated Q&A



Challenges & opportunities

Challenges and opportunities for AIFMs:

Depositary selection

Remuneration policy

Transparency requirements for prospectus and KIID

CACEIS helps fund managers comply with and take full advantage of the UCITS Directive

Depositary and Banking secured services in the main European fund domiciles

Prospectus and KIID outsourcing services

CACEIS's financial strength and stability backed by a solid shareholder Crédit agricole

Fund structuring and cross-border fund distribution support

Middle and Back Office Outsourcing

Execution and clearing services (FX, cash equities, listed and OTC derivatives)

Reporting services (Risk and performance measurement, Solvency II, Trade repositories, FATCA, AEOI)


Key dates