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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. 

The European Commission has adopted two regulations dated 12 July 2018, directly applicable from 1st April 2020. These regulations, published in the OJEU of 30th October 2018, amend the obligations of depositaries on the safekeeping of financial instruments held by alternative investment funds and UCITS: 

In particular, the following are specified:

  • the regime for the segregation of assets in the sub-custody chain,
  • the protection of assets in the event of the insolvency of the depositary or sub-custodian.

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

Information to unit-holders of ucits

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)


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Key dates

  • November 2012

    Présentation of the UCITS V project to the European Parliament

  • 28 August 2014

    Publication in the OJUE of the UCITS V Directive

  • 17 September 2014

    UCITS V Directive entered into force

  • 28 November 2014

    Publication of the ESMA "Technical Advice" Final

  • 17 December 2015

    The EU Commission published level 2 measures

  • 18 March 2016

    Deadline for the transposition of the Directive by the Member States

  • 13 October 2016

    Regulation Officers custodians entered into force

  • September 2017

    The Commission reasses, no later than September 18, 2017, if it necessary to harmonize the administrative sanctions

  • 20 October 2017

    ESMA publishes an opinion for the European Commission on the segregation of assets and the application to CSDs of the UCITS depository delegation rules

  • 12 March 2018

    As part of the implementation of the Capital Markets Union (CMU), the European Commission has published a proposal to amend the AIFM and UCITS Directives