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Beverly Chandler, Opalesque London: Kinetic Partners Dublin based member Killian Buckley has commented on the recent publication of the EC’s proposed amendments to the UCITS Directive. Buckley finds that the average investor might feel a little overwhelmed with the regulatory protection pouring down on his or her head at the moment, as investors await the final AIFMD incarnation and has the amended directive to deal with.

Buckley finds that retail investor protection lies at the centre of the proposed amendments, taking UCITS right back to where it started, as a retail product. The Directive covers three areas: depositaries; UCITS Management Company remuneration policies and sanctions for breaches of UCITS law.

Buckley writes: "Depositary duties have been notoriously difficult to define, with European countries sometimes having wildly divergent views on its depositaries role and responsibilities. Effectively, the Commission now wants to be able to compare apples with apples and move to a harmonised, consistent and codified interpretation of the Directive. Laudable indeed; however, the effect, particularly in the political goldfish bowl of current regulatory ini......................

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