Directive 2014/91/EU (amending Directive 2009/65/EC)
On 23 July 2014 the European Union adopted Directive 2014/91/EU 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.
This directive introduces new rules on UCITS depositaries, such as the entities eligible to assume this role, their tasks, delegation arrangements and the depositaries’ liability as well as general remuneration principles that apply to fund managers.
Directive 2014/91/EU amends the current Directive 2009/65/EC.
Original proposal from the Commission
- Press Release – 03.07.2012
- Frequently Asked Questions – 15.04.2014
- Statement by Commissioner Barnier – 15.04.2014
- Text of the proposal
- Impact Assessment:
- Citizens’ summary
Public consultation on UCITS
This consultation was closed on 18 October 2012.
Directive 2009/65/EC (amended by Directive 2014/91/EU)
Commission Delegated Regulation (EU) 2016/438
On 17 December 2015 the Commission adopted a delegated regulation (EU) 2016/438 supplementing Directive 2009/65/EC with regard to obligations of depositaries.
This delegated act addresses non-market risks related to the depositaries activities. It provides for details of depositaries' duties such as safekeeping of UCITS assets, oversight duties and liability regime for custodial assets. It also provides for specific due diligence requirements for insolvency protection of UCITS assets as well as detail independence requirements for managers and custodians of UCITS.
On 1 July 2010 the Commission completed a programme of improvements to the EU framework for investment funds by adopting four implementing acts (two Directives and two Regulations) under Directive 2009/65/EC.
- Commission Regulation (EU) No 583/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website
- Commission Regulation (EU) No 584/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards the form and content of the standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities
Commission Directive 2010/44/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards certain provisions concerning fund mergers, master-feeder structures and notification procedure
Note that the correct number of the Directive is 2010/44/EU (and not 2010/42/EU as it was mistakenly attributed): see corrigendum.
- Commission Directive 2010/43/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company
The Commission Regulation on key investor information should be read alongside the guidelines published by CESR (the Committee of European Securities Regulators) on 1 July 2010.