Thursday March 20 2014
News Source: Global Exchanges
Focus: Major Shareholdings
Type: General
Country: European Union
Link: http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/141642.pdf
The Permanent Representatives Committee have approved, on behalf of the Council, an agreement reached with the European Parliament on a proposal to amend EU rules on investment funds (7411/14).
The proposal amends directive 2009/65/EC on undertakings for collective investment in transferable securities (UCITS) as concerns depositary functions, remuneration policies and sanctions. It introduces specific provisions on the depositary`s safekeeping and oversight duties, and defines the conditions in which safekeeping duties can be delegated to a sub-custodian.
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