On July 12, 2018, the European Commission adopted revisions to the Delegated Regulations on the safe- keeping duties of depositaries under both the Alternative Investment Fund Managers Directive and the Undertakings for Collective Investment in Transferable Securities Directive. The Commission consulted on the proposed changes between May 29 and June 26, 2018. Following feedback received during that consultation, the Commission has agreed to defer the date from which the revisions will apply to 18 months after publication in the Official Journal of the European Union. It had been proposed that the revisions would apply from six months of publication. In addition, the Commission has made certain changes to the text to improve the clarity of the requirements without introducing any further substantive changes.
The adopted Delegated Regulations are subject to review by the European Parliament and the Council of the European Union. If there is no objection from either of those bodies, the revised Delegated Regulations should apply directly across the EU from Spring 2020.
The amending Delegated Regulation under AIFMD is available at: http://ec.europa.eu/finance/docs/level-2-measures/aifmd-delegated-regulation-2018-4377_en.pdf, the amending Delegated Regulation under UCITS is available at: http://ec.europa.eu/finance/docs/level-2-measures/ucits-directive-delegated-regulation-2018-4379_en.pdf and details of the proposed revisions to the Delegated Regulations are available at: https://finreg.shearman.com/eu-consultation-on-duties-of-third-party-custodia.
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