IMA has responded to the Commission’s consultation on UCITS depositories and managers' remuneration. It supports any measures that clarify the UCITS brand and the function and standards applicable to depositories. It notes the need for consistency where appropriate between the AIFMD and the UCITS Directives and also the link to other laws, including the EMIR and Securities Law proposals. On remuneration, it supports extension of remuneration requirements to UCITS managers in principle, but says the requirements must apply appropriately and proportionately. It also notes many UK managers will be part of a group subject to CRD3 requirements and that UCITS requirements should not conflict with these. (Source: Consultation Paper on the UCITS depository function and on the UCITS Managers’ Remuneration)