As previously highlighted, the EU have been exploring the liability of the UCITS depositories in the 27 Member States. The EU have found that the minimum high level principles of the UCITS Directive have been transposed differently by Member States resulting in an unlevel playing field. This means that some EU investors in UCITS funds are better protected than others. The EU Commission is to launch a consultation before the end of June to deal with these inconsistencies in the application of the UCITS Directive (which were particularly significant in the Madoff scandal). The EU commission then intend to clarify and strengthen the UCITS regime, particularly as regards the liability of depositories.