Future Clarification Of The Depositary Regime Of 'Part II' Funds
On 29 July 2016, the draft law 7024 was submitted to the Luxembourg Parliament.
This text proposes i.a. to clarify the depositary regime of undertakings for collective investment (UCIs) which are subject to the Part II (Part II funds) of the Law of 17 December 2010 (UCI Law) as introduced by the Law of 10 May 2016 transposing the UCITS V Directive (see our Fund News article on the transposition law).
Before the UCITS V transposition law, Part II funds were subject to a dual depositary regime: Part II funds managed by an authorised AIFM were subject to the AIFMD depositary regime, whereas Part II funds managed by a registered AIFM were subject to the depositary regime of the UCI Law. The Luxembourg legislator decided to take the opportunity of this transposition to extend the UCITS depositary regime to all Part II funds – whether they are distributed to retail investors or not – in order to ensure the same high level of protection to all retail investors.
Article 34 of the present draft law intends to clarify the depositary regime of Part II funds by amending Article 88-3 of the UCI Law. It proposes an exception to the recently introduced depositary regime, allowing Part II funds which are marketed exclusively...
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