EVCA has published a position paper on the Commission consultation on changes to the UCITS depository function and managers' remuneration. On depositories, it urges a tailored approach and not a "one-size-fits-all" model. In particular it says contractual terms and other provisions appropriate for depositories for some types of fund may not be appropriate in the private equity and venture capital context. On remuneration, it is again worried about lack of proportionality and that an approach suitable for one type of fund under the UCITS regime may be translated inappropriately to the Alternative Investment Fund Managers Directive (AIFMD) regime or to different types of fund. (Source: EVCA's Response to the European Commission Consultation on Legislative Changes to the UCITS Depository Function and to the UCITS Managers' Remuneration)