On 2 December 2016, a Bill was submitted to the Belgian Chamber of Representatives to transpose Directive 2014/91/EU on undertakings for collective investment in transferable securities (UCITS V or the Directive)(1). The Directive revises the UCITS Directive(2) in relation to depositary functions, remuneration policies and sanctions.
Transposing UCITS V
The Directive introduces new rules on undertakings for collective investment in transferable securities (UCITS) depositaries, such as the entities eligible to assume this role, their tasks, delegation arrangements and the depositaries’ liability. In addition, the Directive regulates general remuneration principles that apply to fund managers. The Bill also implements certain administrative sanctions.
The Bill will now go through the legislative process. Please click here to consult the text.
(1) Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depository functions, remuneration policies and sanctions.
(2) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS).
