On 14 December 2010, the European Commission published a Consultation on the UCITS Depositary Function and UCITS Managers’ Remuneration.

The consultation includes questions on how the duties of depositaries can be further clarified, including their eligibility and liability, and how they can be effectively supervised in the EU. Furthermore the consultation poses additional questions in relation to possible new rules regarding the remuneration policies of UCITS Managers to ensure that remuneration policies are consistently applied across the financial sector.

Responses to the consultation are requested by 31 January 2011 and such responses received will feed into the European Commission's work on a legislative proposal that is due by Spring 2011.