November2015www.
pwc.
lu/asset-managementUCITSVNewdepositaryrole,newremunerationrulesformanagers,newadministrativesanctionsExecutiveSummaryThisnewDirectivewillalignthedepositary'sdutiesandliabilitiesandthemanagers'remunerationrequirements,withtherequirementsoftheAlternativeInvestmentFundManagersDirective(AIFMD).
However,differenceswillremainthatwillneedtobecloselymonitoredtoensurefullcompliancewiththenewrules.
UCITSVwillalsocreateanewsanctionsregime,thusstrengtheningthefearofsanctionandthereputationalriskforindustryplayers.
ThesechangeshavesignificantimplicationsforUCITSdepositaries,managers,thirdpartyadministrators,investors,auditors,andregulators.
The"go-live"ofUCITSVis18March2016.
Newdepositary'sroleTheMadofffraudandtheLehmanBrothersinsolvencyhavefocusedregulators'attentiononthedepositaryrole.
Inadditiontosafekeepingassets,depositariesarerequiredtoensurethatalltransactions(e.
g.
subscriptions,redemptionsandcancellationsofunits)madebyoronbehalfofUCITSfundsarecarriedoutinaccordancewiththelawandthefunddocumentation.
Crucially,depositariesmustactindependentlyandsolelyintheinterestoftheinvestorstoeffectivelydischargethisrole.
Requirementsfortheappointmentofthedepositary:Underthenewrules,aUCITSwillneedtoappointasingledepositaryamongalistofentitieseligibletoactasUCITSdepositaries,i.
e.
nationalcentralbanks,creditinstitutionsandotherlegalentitieswhich(i)areauthorisedtoprovidedepositaryactivities,(ii)aresubjecttoprudentialsupervisionand(iii)toCRDIVcapitaladequacyrequirements.
Furthermore,UCITSVdoesnotcreatea"depositarypassport".
ThedepositarytobeappointedwillneedtobelocatedinthesameMemberStateastheUCITSone.
Inaddition,theappointmentofthedepositarywillneedtobeevidencedbyawrittencontractentrustingthedepositarywiththesafekeeping,oversightandcashflowmonitoringfunctions.
Depositaryduties:Definitionofsafekeeping:UCITSVdefinestheactivitiesandresponsibilitiesrelatedtosafekeepinginlinewiththeAIFMDdefinition.
Safekeepingfunctions:thenewregimewillintroduceadistinctionbetween(i)custodydutiesrelatingtofinancialinstruments(suchassecurities)thatcanbeheldincustodyand(ii)assetmonitoringdutiesrelatingto"otherassets"(suchasderivativescontracts).
Thedepositary'sdutiesinrespectof"otherassets"willbeconfinedtoownershipverificationandrecordkeepingduties.
Harmonisedoversightfunctions:unliketoday,thenewregimewillintroduceauniformlistofoversightdutiesirrespectiveofthelegalformtakenbytheUCITS(i.
e.
SICAVorFCP).
Thus,thedepositarywillhavetoperformthefollowingdutiesforanytypeofUCITS:controlofissue,repurchase,redemptionandcancellationofshares/units;controloftheNAVcalculation;controlthattheconsiderationtothefund'stransactionsisremittedwithintheusualtimelimits;compliancewiththeinvestmentrestrictions;controlthattheUCITS'incomeisappliedcorrectly.
Cashflowmonitoring:thedepositarywillberesponsibleforthepropermonitoringoftheUCITScashflowsandinparticular,itwill:ensuresubscriptionandmoniesareproperlyreceivedbytheUCITS;ensurethatallcashisproperlybookedinsegregatedaccountsopenedinthenameoftheManagementCompanyortheUCITS.
Delegation:thenewregimewillalsorestrictdelegationofdepositarytaskstosafekeepingduties.
ThedelegationruleswilllargelybealignedwiththeconditionsandrequirementsforsuchdelegationexistingunderAIFMD.
HoweverthetwomaindifferencesbetweentheUCITSVregimeandtheAIFMDregimearethat(i)theliabilityofthedepositarycouldnotbecontractuallyexcludedorlimitedunderUCITSVandthat(ii)UCITS'prospectuseswillneedtocontainadescriptionofanysafekeepingfunctiondelegated,theidentificationofthedelegateandtheidentificationofanyconflictofinterestthatmayarisefromsuchdelegation.
Remunerationstructures:UCITSmanagersremunerationstructureswillberequiredtoinclude:rulesforconductingperformanceassessmentbasedonfinancialandnon-financialcriteria;rulesfordeferral,retentionandpaymentininstrumentsofvariableremuneration;rulesforguaranteedvariableremuneration;rulesforpaymentsrelatedtoterminationofemployment;rulesonpensionbenefits.
Proportionateapplication:UCITSmanagerswillbeabletobenefitfromflexibilityallowingforthesoundapplicationoftheremunerationpoliciesinamannerproportionatetothesize,internalorganisationaswellasthenature,scaleandcomplexityoftheactivitiescarriedoutbythemanagerandthefund.
Thirdpartiesinscope:bydelegation,thesameremunerationrulesshallapply,inaproportionatemannertoanythirdpartywhichtakesinvestmentdecisionsthataffecttheriskprofileoftheUCITSasaresultofdelegation.
NewadministrativesanctionsUCITSVprovidesacatalogueofbreachestobesanctioned.
Thesesanctionswillincludepublicstatements,suspensionorwithdrawaloftheManagementCompanyauthorisationandmaximumadministrativepecuniarysanctions.
Fineswillamounttoatleasttwicetheamountofthebenefitderivingfromthebreachor:forlegalpersonsuptoatleastEUR5,000,000or10%ofitstotalturnover;fornaturalpersonsuptoatleastEUR1,000,000.
EUregulatorswillpublishanyadministrativesanctionontheirofficialwebsiteandwillmaintainsuchpublicationforaperiodofatleastfiveyears.
Furthermore,ESMAwillmaintainacentraldatabaseofallsanctionscommunicatedtoitbynationalcompetentauthorities.
ItwillpublishallsanctionsinanannualreportandwilladdareferencetoanypenaltyorsanctionstothelistofManagementCompaniesavailableonitswebsite.
Finally,UCITSVrequiresMemberStatestoestablishmechanismsencouragingthereportingofpotentialoractualbreachesofthenationalprovisionsimplementingthedirectiveinternallyandexternallytotheregulator,includingsecurecommunicationchannelsforthereportingofsuchbreaches("whistle-blowing").
Depositaryliabilityregime:Liability:asageneralrule,thedepositarywillremainliableforanylosssufferedbytheUCITSand/orbyinvestorsasaresultofanybreachofitsduties.
UCITSVwillalsocreateastrictliabilityregimeincaseUCITS'assetsheldincustodyarelost.
Incaseoflossoffinancialassetsheldincustody,bythedepositaryoritsdelegates,thedepositarywillindeedbeobligedtoreturnidenticalfinancialinstrumentsoracorrespondingamountofassets(wherefungible)totheUCITSwithoutunduedelay.
Last,thedepositarywillbeartheburdenofprooftodemonstratethatithasperformeditsdutiesinaccordancewiththerequiredstandards.
Investors'rightsofactionagainstthedepositaries:thenewruleswillalsogivethesamerightstoallUCITSinvestors,allowingthemtosuedepositaries,eitherdirectlyorindirectlythroughtheManagementCompany,basedonthelegalnatureoftherelationshipbetweenthedepositary,theManagementCompanyandtheinvestors.
NewremunerationrulesformanagersUCITSVwillintroducetherequirementforUCITSManagementCompaniesandself-managedUCITStoputinplaceremunerationpoliciesandproceduresdesignedtopreventconflictsofinterestanddiscouragerisk-takinginconsistentwiththeriskprofileofthemanagedUCITS.
Governance:themanagementbodyoftheManagementCompanywillberequiredtoestablish,maintainandapprovetheremunerationpolicy.
SignificantManagementCompanieswillberequiredtoestablisharemunerationcommitteetoexerciseindependentandcompetentjudgementonremunerationpoliciesandpractices.
MembersoftheremunerationcommitteeshallnotperformanyexecutivefunctionsintheManagementCompany.
Remunerationoftheseniorofficersincontrolfunctionsshallbeoverseenbytheremunerationcommittee.
Also,theimplementationoftheremunerationpolicywillhavetobereviewed,atleastannuallybythecontrolfunctions.
Identifiedstaff:underthenewregime,"identifiedstaff"towhomtheremunerationpolicywillapplywillinclude(i)seniormanagers,(ii)risktakers,(iii)controlfunctions,and(iv)anyemployeereceivingtotalremunerationinthebracketofseniormanagersandrisktakers,whoseactivitieshaveamaterialimpactontheUCITS'riskprofile.
HowwecanhelpWecanperformanimpactanalysisofthenewdepositary,remunerationandsanctionrulesonyourbusiness.
Wecanreviewyourdepositaryagreementsandremunerationpoliciestoperformadiagnosticonthebasisofthenewrules.
Wecankeepyouupdatedthroughour3Wregulatorywatchservices.
StevenLibbyPartner,+3524948482116steven.
libby@lu.
pwc.
comOliverWeberPartner,+3524948483175oliver.
weber@lu.
pwc.
comOlivierCarréPartner,+3524948484174olivier.
carre@lu.
pwc.
comNicolasSchulzPartner,+3524948484211nicolas.
schulz@lu.
pwc.
comThispublicationhasbeenpreparedforgeneralguidanceonmattersofinterestonly,anddoesnotconstituteprofessionaladvice.
Youshouldnotactupontheinformationcontainedinthispublicationwithoutobtainingspecificprofessionaladvice.
Norepresentationorwarranty(expressorimplied)isgivenastotheaccuracyorcompletenessoftheinformationcontainedinthispublication,and,totheextentpermittedbylaw,PricewaterhouseCoopers,Sociétécoopérative,itsmembers,employeesandagentsdonotacceptorassumeanyliability,responsibilityordutyofcareforanyconsequencesofyouoranyoneelseacting,orrefrainingtoact,inrelianceontheinformationcontainedinthispublicationorforanydecisionbasedonit.
2015PricewaterhouseCoopers,Sociétécoopérative.
Allrightsreserved.
Inthisdocument,"PwCLuxembourg"referstoPricewaterhouseCoopers,Sociétécoopérative(Luxembourg)whichisamemberfirmofPricewaterhouseCoopersInternationalLimited("PwCIL"),eachmemberfirmofwhichisaseparateandindependentlegalentity.
PwCILcannotbeheldliableinanywayfortheactsoromissionsofitsmemberfirms.
Forfurtherinformation,pleasecontactWhyPwCLuxembourgPwCLuxembourg(www.
pwc.
lu)isthelargestprofessionalservicesfirminLuxembourgwith2,600peopleemployedfrom58differentcountries.
PwCLuxembourgprovidesaudit,taxandadvisoryservicesincludingmanagementconsulting,transaction,financingandregulatoryadvice.
ThefirmprovidesadvicetoawidevarietyofclientsfromlocalandmiddlemarketentrepreneurstolargemultinationalcompaniesoperatingfromLuxembourgandtheGreaterRegion.
Thefirmhelpsitsclientscreatethevaluetheyarelookingforbycontributingtothesmoothoperationofthecapitalmarketsandprovidingadvicethroughanindustry-focusedapproach.
ThePwCglobalnetworkisthelargestproviderofprofessionalservicesintheaudit,taxandmanagementconsultancysectors.
Weareanetworkofindependentfirmsbasedin157countriesandemployingover208,000people.
Talktousaboutyourconcernsandfindoutmorebyvisitingusatwww.
pwc.
comandwww.
pwc.
lu.
ftlcloud(超云)目前正在搞暑假促销,美国圣何塞数据中心的云服务器低至9元/月,系统盘与数据盘分离,支持Windows和Linux,免费防御CC攻击,自带10Gbps的DDoS防御。FTL-超云服务器的主要特色:稳定、安全、弹性、高性能的云端计算服务,快速部署,并且可根据业务需要扩展计算能力,按需付费,节约成本,提高资源的有效利用率。活动地址:https://www.ftlcloud.com...
百纵科技官网:https://www.baizon.cn/百纵科技:美国云服务器活动重磅来袭,洛杉矶C3机房 带金盾高防,会员后台可自助管理防火墙,添加黑白名单 CC策略开启低中高.CPU全系列E52680v3 DDR4内存 三星固态盘列阵。另有高防清洗!美国洛杉矶 CN2 云服务器CPU内存带宽数据盘防御价格1H1G10M10G10G19元/月 购买地址2H1G10M10G10G29元/月 购买...
官方网站:https://www.shuhost.com/公司名:LucidaCloud Limited尊敬的新老客户:艰难的2021年即将结束,年终辞旧迎新之际,我们准备了持续优惠、及首月优惠,为中小企业及个人客户降低IT业务成本。我们将持续努力提供给客户更好的品质与服务,在新的一年期待与您有美好的合作。# 下列价钱首月八折优惠码: 20211280OFF (每客户限用1次) * 自助购买可复制...
www.henhenlu.com为你推荐
特朗普取消访问丹麦特朗普首次出访为什么选择梵蒂冈Baby被问婚变绯闻小s在黄晓明婚礼上问了什么问题微信回应封杀钉钉微信大封杀什么时候结束18comic.fun黑色禁药http://www.lovecomic.cn/attachment/Fid_18/18_4_00d3b0cb502ea74.jpg这幅画名字叫什么?丑福晋大福晋比正福晋大么seo优化工具seo优化软件有哪些?广告法广告法有什么字不能用ww.66bobo.com这个WWW ̄7222hh ̄com是不是真的不太易开了,换了吗?baqizi.cc孔融弑母是真的吗?www.ca800.com西门子plc仿真软件有什么功能
代理主机 安徽双线服务器租用 播放vps上的视频 5折 樊云 2014年感恩节 服务器cpu性能排行 云鼎网络 个人免费空间 蜗牛魔方 世界测速 如何注册阿里云邮箱 双线机房 环聊 smtp虚拟服务器 美国凤凰城 域名和主机 googlevoice 免费获得q币 美国vpn代理 更多