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On February 25, 2016, HM Treasury published the Undertakings for
Collective Investment in Transferable Securities Regulations 2016
together with an explanatory memorandum. The Regulations implement
the provisions of the European UCITS V Directive and relate to
depositaries, remuneration as well as sanctions for breaching the
Directive. The Regulations also set out certain requirements for
the FCA relating to information that is provided and reported to
the European Securities and Markets Authority.
The Regulations include: (i) amendments to the Financial
Services and Markets Act 2000, which allows for the disciplinary
powers that may be taken against authorized persons, approved
persons and senior managers, also being exercisable in the case of
contravention of these Regulations; (ii) provisions enabling the
FCA to exercise powers to cancel an authorized person's
permission to carry on regulated activities in cases where there
have been serious breaches of the requirements imposed by the
Regulations; and (iii) provisions requiring the FCA to establish
procedures for receiving and following up on reports on
infringements under the Directive and providing ESMA with
aggregated information on all penalties and measures that have been
imposed under the Directive, on an annual basis. The Regulations
enter into force on March 18, 2016.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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