What Directive 2014/91/EU (UCITS V) - Depositary Functions, Remuneration Policies and Sanctions requires
Directive 2014/91/EU (UCITS V) amends the UCITS Directive 2009/65/EC to strengthen the depositary regime, introduce remuneration rules for management companies, and harmonise administrative sanctions. A single depositary must be appointed for each UCITS, evidenced by a written contract. The depositary must perform oversight duties (ensuring subscriptions, redemptions, valuation, instructions, remittance of consideration and application of income comply with national law and the fund rules), properly monitor the UCITS cash flows so that investor money is booked correctly, and safe-keep the UCITS assets by holding financial instruments in custody and verifying ownership of other assets. The depositary is liable to the UCITS and its unit-holders for the loss of financial instruments held in custody. Management companies must adopt remuneration policies that promote sound and effective risk management, cover fixed and variable components, and apply to senior management, risk takers and control functions whose activities materially affect risk profiles, applying the alignment principles in Article 14b. Member States must provide administrative penalties and measures, including public statements, cease-and-desist orders, suspension or withdrawal of authorisation, management bans, and pecuniary sanctions of at least EUR 5 000 000 or 10% of total annual turnover for legal persons.
Pillar: Banking & Global Finance · Authority: European Parliament and the Council of the European Union · Version: 1.0.0 · Last updated:
Primary source: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0091
SHA-256 integrity: 163d896ec906061dafa74811339cacb0174ecda2d93af6a5d35b9e6c41873dbd
Primary Citations — 7 traced to source
- Directive 2014/91/EU, Article 1 amending Directive 2009/65/EC - depositary functions, remuneration policies and sanctions
- Directive 2014/91/EU, Article 1 inserting Article 14a into Directive 2009/65/EC - remuneration policies and practices consistent with sound risk management
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