Treasury is consulting on legislative changes it needs to make to implement UCITS V. The consultation is separate from FCA’s current consultation, which addresses the bulk of the changes, including the remuneration rules the Directive brings in. Changes Treasury needs to make include:
- in relation to UCITS depositaries, provisions relating to liability in the case of losses of financial instruments in custody, or other losses caused by a depositary’s negligent or intentional failure to fulfil its obligations;
- changes to ensure the UCITS V provisions on regulatory cooperation, and use of sanctions, apply in the UK.
Consultation closes on 17 December, and Treasury must implement necessary changes by 18 March 2016. (Source: Treasury Consults on UCITS V)