Related content

The UCITS directives of 2009 is amended to improve investor confidence in UCITS. The amendment introduces new rules on UCITS depositories, general remuneration principles that apply to fund managers as well as a common minimum set of powers for all EU regulators to sanction any breaches of UCITS funds and their managers. This can increase protection and transparency for all UCITS investors. UCITS V also aligns the definitions, requirements and tasks of depositories with AIFMD, bringing the same level of investor protection of professional investors to retail fund investors. In the Netherlands, UCITS V has been implemented in Act on Financial Supervision through an Implementation Act on 18 March 2016.


The new UCITS V requirements have a significant impact on UCITS depositories and asset managers managing UCITS funds. Multiple existing depositories are to be replaced by appointing a single depository under the new eligibility criteria and compliance requirements. Contractual agreements between depositories and asset managers require revisions to meet the new requirements. Asset managers are required to bring remuneration policies in line with UCITS V. In the new sanctions regime of UCITS V, fines can amount up to a maximum of €5.000.000 for legal persons or € 1,000,000 for natural persons. The new UCITS V requirements came into effect on 18 March 2016.

Author: Ivo Habets

Further information

Connect with us


Request for proposal



KPMG's new digital platform

KPMG International has created a state of the art digital platform that enhances your experience, optimized to discover new and related content.

Read more