| Title | |
| Consultation on legislative changes to the UCITS depositary function and to the UCITS managers remuneration | |
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| Policy field(s) | |
| Internal Market, Asset Management | |
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| Target group(s) | |
| All citizens and organisations are welcome to contribute to this consultation. Contributions are particularly sought from investors, the depositary industry, other financial institutions and public authorities. | |
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| Period of consultation | |
| From 14/12/2010 to 31/01/2011 - closed. | |
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| Objective of the consultation | |
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A public consultation is launched in order to gather evidenced views to complete the cost and benefit analysis of the changes which are intended to be introduced in the UCITS Directive. |
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| View the consultation document | |
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| Contact details | |
| Responsible service: | Directorate General Internal Market and Services / Unit G4 – Asset Management |
| E-mail: | markt-depositary-consultation@ec.europa.eu |
| Postal address: | SPA 2 03/013, B-1049 Brussels, Belgium |
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| Reason why the consultation period is less than 8 weeks | |
| The Commission intends to publish a Legislative proposal early 2011 focused on the UCITS depositary function and on the UCITS managers' remuneration. It is the second public consultation organised on the necessary legislative changes to be brought to the depositary function, with a view to bring an appropriate response to UCTS holders after the Madoff fraud and the Lehmann Bankruptcy. The modification relating to the remuneration of UCITS managers are part of a new policy that the Commission has already implemented in other financial services sectors. Given the tight schedule to conduct the Commission's programme, it is not possible to allow a consultation period of 8 weeks and the Commission believes that a period of – weeks should be enough for all stakeholders to provide evidenced contributions. | |
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| Number of responses received to this consultation | |
| 60 | |
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| Results of consultation and next steps | |
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The responses to and conclusions from this consultation will be made public. They will serve as a basis for the Commission to take the appropriate legislative initiatives in 2011. |
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