In This Issue:

- Proposed UCITS V and UCITS VI Directives

- Proposed EU Regulation of Packaged Retail investment Products

- FSA’s Retail Distribution Review

- Excerpt from Proposed UCITS V and UCITS VI Directives:

The Commission published the final version of its proposed UCITS V Directive on 9 July 2012. The Commission’s key proposals relate to the UCITS depositary function, remuneration and sanctions for breach of the rules. The rules relating to the depositary function are similar to the equivalent provisions in the AIFM Directive (noting that, unlike under the AIFM Directive, the depositary’s liability cannot be delegated or transferred contractually). The remuneration requirements relate to the implementation of remuneration policies by UCITS managers and disclosure of total remuneration amounts, and are intended to be consistent with the equivalent provisions of the AIFM Directive...