On 3 July the EP plenary approved:

  • its position on the UCITS V Directive, which still needs to be agreed by the Council and in trilogue negotiations. The main features of EP's position are the mandatory use of a depositary and rules on remuneration of UCITS managers. Depositaries would have to ensure the segregation of investors' money would be liable for any loss of assets. EP's position also requires partial deferring of part of UCITS managers' variable remuneration;
  • its non-legislative report on the Financial Transactions Tax (FTT), with the elements already discussed in recent issues of FReD; and
  • its own-initiative resolution on bank structural reform, in advance of Commission proposals due in September

Source: EP Votes on UCITS 5, EP Votes on FTT, Parliament sets out Priorities for Overhauling EU Banks and Texts adopted at the sitting of 3 July)