MFSA Issues Consultation Document About UCITS V

The Malta Financial Services Authority (MFSA) issued a consultation document on the proposed transposition of the UCITS V Directive. This consultation documents explains how the MFSA plans to transpose the provisions of the Directive.

The new regulations introduced by UCITS V apply to custodians of UCITS, including entities acting as such. As a result, the tasks, delegation arrangement and liability of such entities are also subject to these rules. In addition, the rules introduce general remuneration principles applicable to companies that manage UCITS.

The Directive 2014/91/EU of the European Parliament and the Council, dated 23^rd July 2014 (UCITS V) was published on the Official Journal of the European Union. This Directive amends Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to UCITS with respect to depository functions, remuneration policies and sanctions.

The deadline for EU member states to adopt and comply with the Directive is the 18^th March 2016.  Any comments, technical changes and questions about the policy proposal are to be sent in writing to the MFSA by not later than the 15^th January 2016.