We reported in a previous article that on April 15th 2014 the European Parliament adopted the Directive of the European Parliament and of the Council amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions (UCITS V Directive).
Since then, the Council of the European Union (Council) has formally approved, on July 23rd 2014, the text with the required qualified majority. On August 28th 2014 the UCITS V Directive was published in the Official Journal of the European Union (Official Journal) and entered into force on September 17th 2014. The Member States have to transpose it into national law by March 18th 2016 at the latest.
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