On August 28, 2014 was published in volume L 257 of the Official Journal of the European Union1 the Directive 2014/91/EU of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions (the “UCITS V Directive”)

The UCITS V Directive is to enter into force 20 days after its publication, on September 17, 2014. EU Member States will then have 18 months from that date to transpose it into national law, and depositories will be given an additional 24-month transition period after the transposition deadline.