The European Commission has published its legislative proposal for the UCITS V Directive , which will make a number of amendments to the UCITS IV Directive. The changes introduced under UCITS V will introduce provisions for remuneration policies applicable to key members of UCITS managers' staff and harmonise the minimum administrative sanctions available to supervisors for breaches of the directive. Key changes to the liability regime for depositaries will also be introduced. UCITS V proposes to subject depositaries to strict liability rules which would require them to act as insurers if assets are lost or stolen. Investors who suffer losses would be able to sue the depositary of the fund.

The UCITS V proposal has been passed to the European Parliament and the Council of the European Union, along with IMD 2 and the proposed PRIPs regulation. It is possible that UCITS V could be in force by the end of 2014.