The UCITS V Delegated Regulation ( Regulation (EU) 2016/438) includes specific rules to ensure the independence of the UCITS management company ("Management Company") from the UCITS depositary. However, some of these rules require further clarifications.
For example, the question arises whether, in the case where a UCITS SICAV has appointed a Management Company, the independence requirements apply also to the UCITS SICAV or only to the Management Company. Another question is whether any cooling-off period shall apply in relation to the independence criteria for members of the management body set forth in the Regulation.
It is expected that later in the year the CSSF will clarify the scope of application of these independence requirements through an update of its FAQ.
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