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European Commission launches public consultation on the UCITS legislative modifications


Tuesday, December 21, 2010
Opalesque Industry Update - The European Commission has launched a public consultation on legislative changes to the Undertakings for Collective Investment in Transferable Securities (UCITS) depositary function and to the rules on UCITS managers' remuneration. The consultation seeks comments on possible measures to further harmonise protection for UCITS investors, in particular with regard to the role of depositaries - financial institutions entrusted with the safe keeping of UCITS assets. The Commission asks how the duties of depositaries can be further clarified, including their eligibility and liability and how they can be effectively supervised in the EU. It also seeks comments on possible new rules on remuneration policies for UCITS managers. Responses to the consultation are requested by 31 January 2011ÖClient alert from Herbert Smith. Corporate website: Source

For information on submissions see: Source

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