The FCA has published a policy statement on the UK implementation of UCITS V following its consultation paper (CP15/27) published in September 2015. The statement sets out Handbook changes affecting managers and depositaries of UCITS and AIFs, together with its response to comments received relating to Part 1 of CP15/27. Some of the changes also affect managers of non-UCITS retail schemes (NURS). The rules and guidance will come into force on 18 March 2016 (i.e. the date by which UCITS V must be implemented). There are also transitional provisions applying to some of the final requirements, which run for up to two years, starting from 18 March 2016. Final rules and guidance relating to Parts II and III of CP15/27, together with feedback, will be published separately.