In view of the transposition process of UCITS V, MFSA and Finance Malta organised an educational clinic on the Directive aiming to update stakeholders with recent developments on the matter.
UCITS V aims to increase the level of protection already offered to investors in UCITS and to improve investor confidence in UCITS. It aims to do so by enhancing the rules on the responsibilities of depositories and by introducing remuneration policy requirements for UCITS fund managers. UCITS V also aims to ensure that all EU regulators responsible for the supervision of UCITS funds and their managers have a common set of powers available to investigate infringements of national laws transposing the UCITS Directives and to sanction any breaches.
The UCITS V Directive was published in the Official Journal of the EU on 18 August 2014. Member States will have to implement it into national law within 18 months, that is, by 18 March 2016.
Towards the end of 2015, the MFSA had launched a Consultation Document explaining the manner in which the Authority proposes to transpose the provisions of the UCITS V Directive. Proposed amendments to legislation and Investment Services Rules were also circulated with the industry. The Authority is currently evaluating the feedback received.
The session was addressed by Dr Isabelle Agius, who discussed the Transposition of UCITS V in the Maltese Legislative and Regulatory Framework. Dr Agius explained that the transposition of UCITS V impacted primarily on the Investment Services Act, the Investment Services Act (Control of Assets) Regulations and on the Investment Services Rules.
Looking ahead to future developments, Mr Jonathan Sammut, analyst at the MFSA, addressed the participants on a number of considerations from a Regulatory Perspective.
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