The Permanent Representatives Committee recently agreed, on behalf of the EU Council, its position on the draft UCITS V Directive. The agreement enables negotiations with the European Parliament to start, with the aim of adopting the directive at first reading.

Although the Member States have agreed to support the general approach of the draft UCITS V Directive, certain Member States, including Ireland, have made declarations outlining their concerns in relation to sanctions, depositary liability and eligibility of entities to perform depositary functions. 

The Member States expect the issues of concern to be revisited during negotiations with the European Parliament.

Contributed by James Phelan