Brussels, 23/04/2014 (Agence Europe) - On Wednesday 23 July, the EU Council of Ministers formally adopted an EU directive to boost the protection of investments in undertakings for collective investment in transferable securities, UCITS (unit trusts) following the Madoff fraud case (see EUROPE 11043).
From January 2016 onwards, there will be better definitions of the role of depositories (companies that own the securities bought by UCITS managers) and their duties.
In order to restrict...