The Economic and Financial Affairs Council of the Council of the EU (ECOFIN) has published minutes indicating that it has decided not to object to the supplementing Commission delegated regulations amending the AIFMD and the UCITS Directive. The amendments aim to clarify the obligations of depositaries where they delegate safe-keeping functions to third parties, in particular as regards asset segregation.
The amending delegated regulations were adopted by the EU Commission in July. The European Parliament will now consider the amending delegated regulations. If there is no objection, the Regulations will be published in the Official Journal of the EU and will enter into force 20 days after publication and will apply 18 months from that date.