Mon, 21/04/2014 - 10:07
The Irish Funds Industry Association (IFIA) has welcomed the decision by the European Parliament to approve the UCITS V Directive on 15 April 2014.
The new rules are expected to be implemented by mid-2016.
A location of choice for UCITS funds, Ireland is host to 3,336 such funds with almost EUR1,070 billion of net assets under management.
UCITS are one of the most popular vehicles for investors representing around 85 per cent of the assets currently managed in the European investment fund sector, according to the European Commission.
Pat Lardner, CEO of the IFIA, says: "The IFIA welcomes the European Parliament vote of approval on UCITS V. The enhancements to the role of the depository under UCITS V are very much in keeping with established practice in Ireland and we will continue to serve the needs of global managers utilising the well-respected UCITS framework both within Europe and beyond as a centre of excellence for these services.”
In order to better protect retail investors, the new rules state that a UCITS fund or fund manager will be required to appoint a single independent "depositary" to oversee investor payments to the fund and act as a custodian of its assets. No management company will be able to act as both a management company and depositary.
Lardner adds: “We look forward to engaging with ESMA as they prepare guidelines to identify the categories of staff that might influence the risk profile of the UCITS, bearing in mind the inherent risk mitigants that already exist within the UCITS product. It is also important that ESMA’s work would not limit or restrict an investor’s access to the best expertise available in a global market place.”
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