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14.12.2010 - Public consultation on the UCITS legislative modifications

The Commission intends to publish early next year a new legislative proposal in order to review the current framework applicable to the UCITS depositaries and to introduce new provisions on the UCITS manager's remuneration, with the view of improving the level of UCITS investor's protection. The purpose of this document is to highlight main structural changes and modifications that the Commission services may envisage and to gather evidenced views, particularly on any foreseen costs and benefits that such suggested changes may create.

Contributions are particularly sought from investors, the depositary industry, assets managers other financial institutions and public authorities. The consultation is open until the 31 January 2011.

Feedback on public consultation on the UCITS depositary function

The European Commission held a public consultation on UCITS depositaries. The consultation, now closed, sought input from investors, the depositary industry, asset managers, other financial institutions and public authorities. The objective is to clarify the regulatory framework applicable to UCITS depositaries, with a view to increasing the level of the protection of UCITS investors.

Seventy nine responses were received in all from a variety of stakeholders. A summary of the contributions received has been published, accompanied by individual contributions (except where respondents requested confidentiality).