On 10 November 2013, the Presidency of the Council of the EU published a compromise proposal (dated 8 November 2013) relating to the European Commission's legislative proposal on UCITS V.

UCITS V sets out proposed reforms to the UCITS regime intended to address issues relating to the depositary function, manager remuneration and administrative sanctions.

On 14 November 2013, the European Commission published an updated document setting out its agenda and timetable for the legislative proposals and non-legislative acts that it expects to adopt between 1 November 2013 and 31 December 2013. It is interesting to note that the legislative proposal for UCITS VI (which has not yet been adopted by the Commission) is missing from this update.