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31 March 2004

Commission publishes Communication on UCITS depositaries





The Commission published a Communication setting out a step-by-step approach to reduce differences in national rules on UCITS depositaries to facilitate cross-border operations.

The four main areas for action are:

  • better prevention of conflicts of interests,
  • clarifying depositaries' liability,
  • convergence of national prudential requirements and
  • enhancing transparency and investor information.

    In transposing the UCITS Directives, Member States have often included in their own regulations a broader list of tasks and organisational rules for depositaries, resulting in differing requirements across the EU.

    With the adoption of the UCITS Directive, the Council requested the Commission to submit a report 'on the regulation of depositaries and the need for amending the regulation, accompanied, where appropriate, by a proposal for a revision.'

    After a two-year period the Commission will propose further measures if necessary.

    Commission press release
    Communication


    © European Commission


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