EC adopted rules to ensure more clarity and consistency in how assets are kept separated to better protect investors and to ensure more market efficiency. The new rules take the form of delegated regulations supplementing the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive.
The new rules are designed to eliminate differing interpretations among national competent authorities and market participants of existing EU requirements on how to keep assets separated. They clarify the requirements regarding the safekeeping duties of the funds' depositaries—depositaries are financial institutions that provide fiduciary/custodian services for alternative investment funds (AIFs) and UCITS. The changes will apply as of spring 2020 if the European Parliament and the Council raise no objections.
- News Release
- Implementing and Delegated Acts for AIFMD
- Implementing and Delegated Acts for UCITS Directive
- UCITS Directive
Keywords: Europe, EU, Securities, AIFMD, UCITS, Delegated Regulations, EC
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