The implementation of Undertakings for Collective Investment in Transferable Securities (UCITS) IV will significantly impact asset managers across Europe and the world. What will those impacts be and how can asset managers best overcome the challenges they'll face? Here, PwC's UCITS news series offers clear insights to guide you through the regulatory maze.
The European Commission is currently consulting on proposed changes to the role of UCITS depositaries and the remuneration of UCITS managers. The changes will seek to address perceived failings, better protect investors and align UCITS funds with the Alternative Investment Fund Managers Directive.
The depositary role would be strengthened by expanding its oversight responsibilities, increasing its liability and shifting the burden of proof onto the depositary for negligence or intentional failure to perform its duties.
These changes have significant implications for UCITS managers, depositaries, third party administrators, investors, auditors, and regulators.