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Consultation on legislative changes to the UCITS depositary function and to the UCITS managers remuneration

Consultation on legislative changes to the UCITS depositary function and to the UCITS managers remuneration

Policy field(s)
Internal Market, Asset Management

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.

Period of consultation
From 14/12/2010 to 31/01/2011 - closed.

Objective of the consultation

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.

View the consultation document

Contact details
Responsible service:Directorate General Internal Market and Services / Unit G4 – Asset Management
Postal address: SPA 2 03/013, B-1049 Brussels, Belgium

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.

Number of responses received to this consultation

View the contributions

In the interests of transparency, organisations have been invited to provide the public with relevant information about themselves by registering in the Interest Representative Register and subscribing to its Code of Conduct. If the organisation is not registered, the submission is published separately from the registered organisations.

Results of consultation and next steps

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.