Undertakings for Collective Investments in Transferable Securities V (UCITS V)

The initial draft directive was released in 2012 and UCITS V was adopted by the European Parliament and Council in February 2014. There are three key elements in this proposal: (1) A new depositary regime which includes a clarification of the depositaries‟ duties, responsibilities and liabilities and a set of the rules under which responsibilities, such as sub-custodian roles) can be delegated. (2) Rules governing remuneration of fund managers including bonus caps. (3) A sanctions regime.