On 21 March 2016, the much anticipated European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations, 2016 were made. The Regulations transpose the requirements of UCITS V into national law and are effective as of that date.

On 24 March 2016, the UCITS V Level 2 Regulation was published in the Official Journal of the European Union (OJ). The Level 2 Regulation relates to depositary issues only and there are no changes from the official draft regulation published on 17 December 2015. The Level 2 Regulation supplements the Level 1 Directive provisions regarding certain requirements imposed on the depositary (see our previous article).

The Regulation will enter into force on 13 April 2016 (i.e. 20 days following its publication in the OJ), and in accordance with Article 25 applies from 13 October 2016.