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UCITS V & AIFMD

Undertakings for Collective Investment in Transferable Securities (UCITS V) & Alternative Investment Fund Manager Directive (AIFMD)

The fifth Undertakings for Collective Investment in Transferable Securities (UCITS V) directive – transposed into national EU laws on 18 March 2016 – and the Alternative Investment Fund Manager Directive (AIFMD) are reshaping the operational landscape of the European investment funds market.

Objective

The objective of both directives is to implement a framework for the regulation and supervision of investment funds, to increase transparency and ensure greater investor protection. Market participants, in particular those appointed as depositary banks, are facing significant operational and legal challenges which may affect their operating model, including their use of market infrastructure providers.

Time line

The UCITS V Directive was published in the Official Journal on 28 August 2014 and became effective on 17 September 2014. Transposition into Germany and Luxembourgian law is completed as the Directive came into force on 18 March 2016.

UCITS V & AIFMD: the highlighted parts of the value chain are affected

Clearstream: supporting depositary banks

Clearstream

In managing challenges under AIFMD & UCITS V Clearstream is offering two comprehensive reports to support depositary banks.

Legal basis

Find the most recent legal text on this regulation here.