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Draft of UCITS V aims to tighten rules for custodial services

first_imgThe Council of the European Union has agreed on a draft for an amendment to the UCITS Directive that would tighten rules for delegating custodial services.The Permanent Representatives Committee of the Council said amendments on UCITS had become necessary because the interpretation of the current directive had had “consequences that came to the fore following the Lehman bankruptcy and the Madoff fraud case”.The Council said: “The depositary is liable for losses suffered as a result of a failure to perform its duties, though the precise contours of those duties is defined by the laws of the member states.“As a result, different approaches have developed across the EU.” In the most recent draft of the Directive, the Council states: “It is necessary to clarify that a UCITS should appoint a single depositary having general oversight over the UCITS’s assets.”Only certain custodial services such as the physical safekeeping of the assets can be outsourced under UCITS V, but other services such as the actual oversight of sales and evaluations can no longer be delegated to third parties.“In order to ensure a harmonised approach to the performance of depositaries duties in all member states irrespective of the legal form taken by the UCITS,” the Council continued, “it is necessary to introduce a uniform list of oversight duties that are incumbent on both a UCITS with a corporate form (an investment company) and a UCITS in a contractual form.”Another point clarified in the draft was the outsourcing of certain services to securities settlement system (SSS).Some commentators had argued that the AIFM Directive had opened a loophole for banks to evade liability for assets in custody by using central securities depositories (CSD) in which they would still hold the assets under custody directly.According to the AIFMD, delegating custody services triggers liability, but analysts disagreed on whether using an SSS would also qualify as a delegation. The draft on a new UCITS Directive now clearly states “entrusting the custody of securities of the UCITS to a CSD, or to a third-country CSD, should be considered a delegation of custody function”.The Council noted the “revised compromise, as set out in document 17095/13, is now supported by a strong qualified majority of delegations” and would now be put before the European Parliament.However, the Council added that “some isolated concerns” remain in relation to sanctions, depositary liability and eligibility of entities to perform depositary functions.last_img read more

Ighalo assures Man Utd fans he’s working hard

first_img He posted a post-workout video this morning from a Manchester training centre: Loading… Manchester United signing Odion Ighalo has revealed he’s working hard to be fit in time for next week’s clash at Chelsea. United have spent the winter break in Marbella, having opted for a warm-weather training camp in the south of Spain, but Ighalo has not been included as part of the trip. On loan from Shanghai Shenhua until the end of the season, Ighalo has been trying to get up to speed away from his team-mates, with his exclusion down to fears he would not be allowed back into the UK following the Coronavirus outbreak.Advertisement FacebookTwitterWhatsAppEmail分享 Promoted ContentPlaying Games For Hours Can Do This To Your BodyWho Is The Most Powerful Woman On Earth?Which Country Is The Most Romantic In The World?10 Risky Jobs Some Women DoNothing Compares To Stargazing Places Around The WorldWhat Is A Black Hole In Simple Terms?5 Of The World’s Most Unique Theme ParksEverything You Need To Know About Asteroid ArmageddonThe Highest Paid Football Players In The WorldTop 6 Iconic Supercar Movies8 Superfoods For Growing Hair Back And Stimulating Its GrowthCouples Who Celebrated Their Union In A Unique, Unforgettable Waylast_img read more

MEN Micro offers technology integration with Genetec

first_img Continue Reading Previous BWM: waterproof Panel PC for demanding applicationsNext The Embedded Frontier MEN Micro announce its recent membership in the Genetec Technology Partner Program. The rugged MEN Micro hardware has been certified and has proven its ability to seamlessly integrate with the Genetec Security Center unified security platform. The technology integration between these two industry leaders provides customers with the best in class computing hardware and software platforms for demanding IP video surveillance applications, e.g. for transportation and transit in moving vehicles.As part of the Genetec Security Center unified IP security platform, Omnicast IP video management system (VMS) provides organizations of all sizes the ability to deploy a surveillance system that addresses their unique video security needs. Through deep support for a wide range of industry-leading cameras, encoders, and CCTV equipment, the Omnicast system scales and adapts to the changing demands of your security environment.Video surveillance in harsh environments or moving vehicles also require suitable hardware to be able to work reliably. Examples can be found in railways, automotive, moving machines, ships, or also airplanes. Especially developed to the requirements and standards of these demanding markets, the embedded boards and systems from MEN Micro are the perfect fit for this kind of applications.Qualified by a drive endurance test, MEN hardware has proven its reliability, giving Genetec a new technology partner and end-users in the transit industry a perfect bundle for hardware and software.Share this:TwitterFacebookLinkedInMoreRedditTumblrPinterestWhatsAppSkypePocketTelegram Tags: Tools & Software last_img read more

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