Clarification of the depositary regime applicable to Part II-UCIs

The Law of 27 February 2018 (“the 2018 Law”) came into force on 5 March 2018. Besides implementing (EU) Regulation 2015/751 on interchange fees for card-based payment transactions, the 2018 Law amends the Law of 17 December 2010 on undertakings for collective investment (“UCI Law”).

One of the goals of the 2018 Law is to clarify the depositary regime applicable to UCIs that are subject to Part II of the UCI Law. Indeed, the law seeks to put an end to the uncertainty as to which Part II UCIs fall within the scope of the AIFMD depositary regime and which are subject to the UCITS-like depositary regime.