Commission launches consultation on UCITS legislative modifications
14 December 2010
The Commission is consulting, among other issues, on how the duties of depositaries can be further clarified, including their eligibility and liability and how they can be effectively supervised in the EU.
Following the financial crisis and the Madoff investment fraud, the consultation seeks comments on possible measures to further harmonise protection for UCITS investors. A central part of the consultation is reserved for the role of depositaries - financial institutions entrusted with the safe keeping of UCITS assets. Furthermore, to curtail excessive risk-taking and to ensure that remuneration policies are consistently applied across the financial sector, it seeks comments on possible new rules on remuneration policies for UCITS managers.
The replies received will feed into the Commission's work on a legislative proposal that is due to be tabled by the spring of 2011.
Deadline for comments is 31 January 2010.
© European Commission
