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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.


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.


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 Luxembourgish law is completed as the Directive came into force on 18 March 2016.

The EU Commission has issued a consultation on the AIFMD file which kicks off the review process of the AIFMD.

DBG response to European Commission consultation on the review of the AIFMD

For more information on Deutsche Börse Group´s views on the AIFMD review consultation, please click here.

Clearstream: supporting depositary banks

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.