The revised Undertakings for Collective Investment in Transferable Securities (UCITS) Directive puts in place a comprehensive framework for the regulation of harmonised investment funds within Europe. The extensive requirements with which UCITS must comply are de-signed to ensure that these products can be sold on a cross-border basis. The most recent version of the Directive (as amended by Directive 2014/91/EU, so called ‘UCITS V’) introduces rules on remuneration policies and sanctions and strengthens the depositary regime.
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