The European Commission published the first official draft of the UCITS V level 2 Regulation. The UCITS V level 2 regulation will implement UCITS V which will come into force on 18 March 2016. The draft Regulation sets out more detailed requirements on the UCITS V amendments affecting depositaries. Regulators, UCITS managers and depositaries have been waiting for this Regulation so as to understand how the detailed requirements can be implemented into relevant processes and procedures within the tight timescales envisaged. The current draft provides that the Regulation shall apply from a date which is six months after it comes into force (although this is still draft and so liable to change). The delegated regulation is now be subject to scrutiny by co-legislators prior to publication in the Official Journal and will come into force 20 days after that date.