The Commission has reacted to criticism of UCITS funds depositories following the news that depositories of four UCITS funds entrusted €1.6 billion to Madoff entities. Politicians were concerned about widely divergent domestic rules within Member States creating differences in investor protection depending on the domicile of the depository. Charlie McCreevy said the UCITS framework makes it clear depositories are to be responsible for asset safe-keeping. However, it is clear that sometimes depositories are expect to keep the assets and at other times merely monitor their security. He said the Commission would review how Member States have implemented the requirements and would take any action needed to codify depository responsibilities. The Commission also published some FAQs on the subject.