On November 28, 2014, ESMA published its final advice to the European Commission on the content of secondary legislation on depositories required  under the Undertakings for Collective Investment in Transferable Securities (“UCITS”) V Directive. The advice covers insolvency protection of UCITS assets when safekeeping of assets is delegated and proposes measures, arrangements and tasks for the third party to which a depository delegates custody and measures for the depository to put in place. The advice also proposes measures for investment companies, management companies and depositories to put in place to ensure that they each act independently, as required under UCITS V.

The advice is available at: