The FCA issued a policy statement announcing final rules and guidance implementing UCITS V on 2 February 2016, which include changes affecting managers and depositaries of UCITS, and providing feedback to responses received in its earlier consultation.

UCITS V and the new rules and guidance will comes into force on 18 March 2016, subject to transitional provisions delaying the application of certain requirements for up to two years.

The changes include a new remuneration code for UCITS management companies in SYSC 19E. Although the remuneration requirements under the AIFMD and UCITS V are similar, the FCA considered there to be sufficient differences between the two regimes to justify adopting a new separate remuneration code.