On February 25, the European Parliament published a press release announcing that political agreement has been reached with the Council of the EU on the proposed UCITS V Directive.

The press release notes the following areas of agreement:

• Payment of fund managers.
• The appointment of a depository by UCITS or UCITS management companies.
• Provision of penalties by EU member states for funds failing to comply with national UCITS authorization and reporting rules.   Press Release.