On 17 February 2011, the EU Commission published a feedback statement summarising the feedback it received to its consultation on the current framework applicable to UCITS depositaries and to introduce new provisions on remuneration for UCITS managers. The key policy priority highlighted in the responses is the clarification of UCITS depositary duties and liability regimes as UCITS depositaries are key actors to the EU investment security.

  • The UCITS V review should be aligned with AIFMD to enhance consistancy in the regulatory framework that applies to the depositary function. However, a pure alignment of the two is not appropriate, in particular as UCITS investors addressed through fund passporting are mostly retail investors, and in this context, the depositary's role to ensure investors interests are protected is crucial.   
  • As regards the liability regime, the most controversial aspects were the reference to "force majeure" to allow a liability discharge of the UCITS depositary, and the obligation on the depositary to return lost assets "with no delay" and, in particular when and how an asset can be considered as lost.
  • The UCITS unit holders' and shareholders' rights should be clarified and aligned, irrespective of the legal form of the UCITS fund.
  • Supervisors' competencies should be further harmonised and competent national authorities should be allowed to enforce EU rules in an effective and harmonised way.

In relation to the UCITS managers' remuneration policy, the majority of respondents stressed that remuneration rules should be adjusted to the UCITS model. An impact assessment study will be published alongside the EU Commission's proposal for amendments to the UCITS Directive in July 2011.