EU Commission Regulation on the Safe-Keeping Duties of UCITS and AIF Depositaries

[31287]

July 16, 2018 TO: ICI Global Regulated Funds Committee
International Operations Advisory Committee RE: EU Commission Regulation on the Safe-Keeping Duties of UCITS and AIF Depositaries

 

As previously advised,[1] the European Commission (“the Commission”) published proposed Delegated Regulations to amend the safe-keeping duties of depositaries for UCITS and AIF.

On 12 July 2018, the Commission published the final Regulations for UCITS[2] and AIF[3]. Limited changes have been made to the draft regulations, with the exception that the implementation period has been extended from 6 months to 18 months. As such, the regulations are likely to come into effect in Q1 2020.

 

Giles Swan
Director of Global Funds Policy, ICI Global

 

endnotes

[1] See Memo 31264, RE: EU Commission Proposals on the Safe-Keeping Duties of UCITS and AIF Depositaries, dated 27 June 2018, available from https://www.iciglobal.org/iciglobal/pubs/memos/memo31264

[2] https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=PI_COM:C(2018)4379&qid=1531404972575&from=EN

[3] https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=PI_COM:C(2018)4377&qid=1531404972575&from=EN