What's Happening on UCITS V?

February 29, 2016

Where are we on implementation? Are we nearly there yet?

Yes and no. The UCITS V directive comes into force on 18 March 2016. But:

  • Additional implementing rules (known as "Level 2") on the duties of UCITS depositaries and management companies dealing with those depositaries have yet to be finalised and will not come into effect until (at earliest) the third quarter of 2016.
  • ESMA has consulted on but not yet finalised its additional guidelines ("Level 3") on sound remuneration policies for UCITS and AIFMD managers.
  • There are various transitional arrangements affecting management companies' remuneration and fund disclosure requirements.
  • There is likely to be further guidance from the FCA once Levels 2 and 3 have been finalised.

Read "What's Happening on UCITS V?"