On September 18, 2015, the European Securities and Markets Authority published a final report on draft Implementing Technical Standards on the procedures and forms for submitting information on penalties and measures under the UCITS V Directive. The draft ITS have been submitted to the European Commission for endorsement. National regulators will be required to provide ESMA with aggregated information on an annual basis of all penalties and measures that they have imposed on individuals and companies for breaches under UCITS V. Measures and penalties disclosed by national regulators to the general public must also be reported to ESMA simultaneously. The draft ITS include the relevant form that is to be submitted to ESMA. Member States must implement UCITS V into national law by March 18, 2016.

The final report is available at: http://www.esma.europa.eu/system/files/2015-esma- 1409_its_penalties_and_measures_under_ucits_v.pdf