The MFSA has issued a consultation document on the proposed transposition of the UCITS V Directive.
Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions ('UCITS V') was published in the Official Journal of the European Union on 28 August 2014.
UCITS V introduces new rules applicable to custodians of UCITS, such as the entities eligible to assume this role, their tasks, delegation arrangement and liability. Furthermore, it also introduces general remuneration principles which will be applicable to UCITS management companies.
Member States are required to adopt and publish the laws, regulations and administrative provisions necessary to comply with the provisions of the Directive by the transposition deadline of 18 March 2016.
This Consultation Document explains the manner in which the Authority proposes to transpose the provisions of the UCITS V Directive.
The Authority is inviting comments on the proposed policy and technical changes identified in this consultation together with the specific questions outlined. Interested parties are to send their comments in writing by not later than 15 January 2016.
The Consultation Document and proposed amendments to legislation and Investment Services Rules are available on: http://goo.gl/S8ulnB.
MFSA Newsletter - December 2015
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