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This document summarises the responses received as well as the overall costs to industry that are likely to be incurred by complying with the directive. This document should be read in conjunction with the final stage impact assessment of the UK’s approach to implementing the UCITS V Directive. This impact assessment provides an analysis of the Directive’s policy objectives and a detailed cost-benefit analysis for each amendment to the existing directive.
The amended Undertakings for Collective Investments in Transferable Securities Directive (‘UCITS V’) sets common EU regulatory standards relating to UCITS investment funds. This requires the UK Government to make changes to its existing law and regulations for UCITS funds. The amendments in UCITS V specifically deal with depositary functions, remuneration policies and sanctions for failure to comply with the Directive.
The purpose of this consultation document is to consult on the legislative changes implemented by HM Treasury. HM Treasury is also seeking views on the overall costs that will be incurred by impacted firms in ensuring compliance with the directive as a whole. The consultation will run for eight weeks. Responses are requested by midnight on 17 December 2015.
Please note, the Financial Conduct Authority (FCA) are consulting separately to HM Treasury on the implementation of the UCITS V Directive.