AIMA has published a position paper on the Commission’s UCITS V proposal. It raises the following key points:

  • depositaries should not be liable for acts occurring at the sub-custodian level, and they should be able to discharge their liability under certain circumstances;
  • conditions for a depositary to delegate on a sub-custodian should not be more onerous than under the Alternative Investment Fund Managers Directive (AIFMD);
  • UCITS managers are not firms of systemic importance, and legislation should allow them to tailor remuneration to their business model and the actual risk they engender;
  • now that obligations for depositaries are being harmonised, there should be a passport for depositaries; and
  • commodity derivatives should be eligible assets for UCITS.

(Source: AIMA Position Paper on UCITS V)