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Is the draft UCITS V directive a cloned version of the Alternative Investment Fund Managers Directive?

Author

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  • Beythan, Hermann
  • Virard-Canto, Claire

Abstract

The Alternative Investment Fund Managers Directive (AIFMD), adopted in June 2011, introduced new measures that create a regulatory framework for Alternative Investment Fund Management, ie in substance all investment funds other than UCITS. Notably the AIFMD creates tight rules and obligations in relation to the safe-keeping of investment fund assets by the depositary. Further the AIFMD introduces specific rules on remuneration. The European Commission’s draft of UCITS V proposal updates the UCITS regime to match the standards of AIFMD, in particular the requirements regarding the depositary, the manager’s remuneration. In addition it deals with regulatory sanctions. In fact, having regard to the retail investors nature of UCITS funds and a perceived need for increased investor protection, UCIT V goes beyond AIFMD. It notably provides for an exhaustive list of eligible depositaries (only credit institutions and investment firms). It further increases depositary obligations, notably in relation to a strict obligation to return financial instruments kept in custody with little room for depositaries to escape.

Suggested Citation

  • Beythan, Hermann & Virard-Canto, Claire, 2012. "Is the draft UCITS V directive a cloned version of the Alternative Investment Fund Managers Directive?," Journal of Securities Operations & Custody, Henry Stewart Publications, vol. 5(1), pages 64-72, May.
    • Handle: RePEc:aza:jsoc00:y:2012:v:5:i:1:p:64-72
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    More about this item

    Keywords

    UCITS V; AIFMD; depositary duties; depositary liability; delegation; managers’ remuneration; regulatory sanctions;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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