Depositary

Public consultation on the UCITS depositary function

The European Commission has launched a public consultation on UCITS depositaries. This public consultation is part of a comprehensive review of the existing European regulatory principles which are applicable to UCITS depositaries. Views and evidence are sought in particular in areas relating to the safe-keeping and supervisory duties and the responsibility regime.

The objective is to clarify and strengthen the regulation and supervision of UCITS depositaries, with a view to increasing the level of the protection of UCITS investors in particular in the light of recent Madoff fraud. Contributions are particularly sought from investors, the depositary industry, assets managers, other financial institutions and public authorities. This consultation is open until the 15th September 2009.

• Press Release (03.07.2009)
   
• Consultation paper
   
• Commissioner announcement to launch a public consultation on UCITS depositary (Midday Express EXME09 / 28.05 - 28th may 2009)