The UCITS V Directive (Directive 2014/91/EU of 23 July 2014 on UCITS as regards depositary functions, remuneration policies and sanctions) ("UCITS V") was published in the Official Journal of the European Union on 28 August 2014.
UCITS V focuses on 3 main pillars:
- revision of the depositary regime;
- introduction of rules on remuneration;
- harmonisation of administrative sanctions.
UCITS V must be implemented into national law by 18 March 2016 and it will become applicable from the same date, i.e. 18 March 2016.