On 3 July 2012, the EU Commission published its long awaited draft UCITS V Directive. UCITS V is a response to the various financial crises (such as Madoff and Lehman) and is in line with other global and EU initiatives (such as AIFMD and banking reform). The draft will pass to the EU Parliament and EU Council for consideration and adoption under the co-decision procedure. Member states will then have 2 years to transpose the provisions into national law (possibly late 2014), by which time the implementing measures should be in place. The draft covers remuneration of UCITS managers, eligibility to act as a depositary, depositary duties, delegation of custody, depositary liability and sanctions.