The FCA has published the Policy Statement PS16/2: Implementation of the UCITS V Directive where the regulators sets out Handbook changes affecting managers and depositaries of UCITS and alternative investment funds (AIFs).
In Part I of CP15/27 UCITS V Implementation and other changes to the Handbook affecting investment funds the FCA consulted on proposed rules and guidance for implementing UCITS V Directive requirements, in particular:
- requirements applicable to management companies, including remuneration principles and transparency obligations towards investors
- changes to the regime for depositaries, including eligibility criteria and capital requirements for firms acting as depositaries of UCITS
In this PS the FCA sets out the final Handbook changes implementing the requirements above and gives its response to the feedback received during the consultation period.
The Policy Statement, related documents and the full statement can be found here.