The Commission published a Communication setting out a step-by-step approach to reduce differences in national rules on
UCITS depositaries to facilitate cross-border operations.
The four main areas for action are:
better prevention of conflicts of interests,
clarifying depositaries' liability,
convergence of national prudential requirements and
enhancing transparency and investor information.
In transposing the UCITS Directives, Member States have often included in their own
regulations a broader list of tasks and organisational rules for depositaries, resulting in differing requirements across the EU.
With the adoption of the UCITS Directive, the Council requested the Commission to submit a report 'on the regulation of depositaries and the need for amending the regulation, accompanied, where appropriate, by a proposal for a revision.'
After a two-year period the Commission will propose further measures if necessary.
Commission press release
Communication
© European Commission
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