The Undertakings for Collective Investment in Transferable Securities Regulations 2016 (SI 2016/225) were published on 25 February 2016. These implement provisions of the UCITS V Directive (2014/91/EU) relating to depositaries and sanctions, and impose requirements on the FCA relating to information and reporting.
The changes include:
- Amendments to the Financial Services and Markets Act 2000 (FSMA) to provide that the disciplinary powers in FSMA that are exercisable against unauthorised persons, approved persons and senior managers can be applied to contraventions of the UCITS Regulations 2011 (SI 2011/1613). They also provide that the FCA can cancel an authorised person's Part 4A permission in the case of serious breaches of FSMA or of the UCITS Regulations 2011.
- Amendments to the UCITS Regulations 2011 relating to the liability of a UCITS scheme depositary for loss of financial instruments held in custody, or in respect of other losses resulting from the depositary’s negligent or intentional failure to properly fulfil its obligations under the UCITS V Directive.
The Regulations come into force on 18 March 2016.