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UCITS V: Lessons from the crisis
One year after the entry into force of the UCITS IV Directive, the European Commission published a UCITS revision — called ‘UCITS V’ — which focuses on harmonising the role and liability of UCITS depositaries, the remuneration of UCITS managers, and sanctions. The aim of the proposal is to enhance investor protection in the wake of the financial crisis, the Lehman bankruptcy and the Madoff fraud. The proposal takes the form of a Directive. It will now go to the European Parliament and the Council for their consideration under the codecision procedure. Once they reach agreement, member states usually have two years to incorporate the provisions into their national laws and regulations, meaning that the new rules could apply, according to the European Commission, by the end of 2014. By this date, the necessary package of implementing measures should also be adopted.
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