The Presidency has published the first compromise text on the proposal for a Directive amending the UCITS Directive as regards depositary functions, remuneration policies and sanctions (UCITS V). The text contains new provisions on the reuse of financial instruments held in custody, on the carrying out of depositary activities by a legal entity which is not an investment or credit firm, and on the obligation for Member States to lay down rules on administrative sanctions for non-compliance by firms with the implemented Directive. (Source: UCITS V Presidency Compromise Text)