Jurisdiction(s):
European Union

EU UCITS depositaries: single‑depositary requirement, duties, safekeeping, cash monitoring, oversight, delegation, liability and contractual terms under UCITS V and Level 2 rules, including AIFMD II CSD delegation clarifications

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Practice notes

Scope of this Practice Note

This Practice Note reviews the function of depositaries to undertakings for collective investment in transferable securities (UCITS) funds (ie open-ended collective investment schemes (CIS) that are UCITS) and the framework established by Directive 2009/65/EC (the UCITS Directive), as revised by Directive 2014/91/EU (UCITS V) and accompanying delegated regulations. It sets out a depositary’s obligations and standards, who is eligible to act as depositary, liability, and constraints on delegation.

EU legislative background

On 26 July 2012, the Commission consulted on UCITS VI, addressing a range of issues, including a depositary passport. There have been no further developments on UCITS VI, and it is unlikely that any legislative proposal will emerge. UCITS V was published in the Official Journal (OJ) on 28 August 2014 and came into force on 17 September 2014, with EU Member States required to transpose the rules into national law by 18 March 2016. UCITS V amends existing provisions of the UCITS Directive. Its purpose was to align the UCITS framework with the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) across several areas, including the depositary rules...

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Web page updated on 21/05/2026

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