Fortress Europe? UCITS V and the US Fund Manager

Summary: The European Parliament and Council recently agreed on the substance of the new UCITS V Directive, which will include safeguards to protect client assets in the event of a depositary’s insolvency and also address remuneration practices that are thought to encourage excessive risk-taking. These new rules may make it more cumbersome for UCITS that are either managed or (sub-)advised by US managers.