FCA has issued a policy statement setting out changes to the Handbook needed to implement UCITS V. It provides feedback to consultation as well as outlining:

  • requirements applicable to management companies, including remuneration principles and transparency obligations towards investors;
  • changes to the regime for depositaries, including eligibility criteria and capital requirements for firms acting as depositaries of UCITS;
  • rules for managers of non-UCITS retail schemes; and
  • final guidance for depositaries of alternative investment funds.

The instrument enters into force on 18 March, the implementation date for UCITS V. (Source: FCA Makes UCITS V Implementation Instrument)