On September 26, 2014, the European Securities and Markets Authority (“ESMA”) published a consultation paper on draft technical advice on the role of depositaries under the revised Undertakings for Collective Investments in Securities (“UCITS”) Directive (“UCITS V”). ESMA is seeking views on: (i) proposed steps to be taken by a third party to ensure that any assets held in custody by it on behalf of a UCITS are unavailable for insolvency distribution; and (ii) independence requirements for a UCITS management company and its depositary. The consultation is open until October 24, 2014. ESMA intends to use the feedback to inform its technical advice to the European Commission, which is to be provided by the end of November 2014. 

The consultation paper is available at: