Building on work done in 2008, the group concentrated in 2009 on EU consultations on the future of management and the role of the depositary in Europe.
Through its feedback to consultations on the UCITS IV Directive (which is intended to supplement the 1985 Directive) and the AIFM Directive (which covers all CIS managed by a management company based in the EC and which is scheduled to come into effect in July 2011) and exchanges with the AMF and the Treasury, the group continued its work on depositary responsibilities, looking at the depositary’s role in supervising the legality of management decisions and its obligation to return assets.
The completion of work on depositary practices led to the creation of a Guide to Depositary Best Practices, which was submitted for validation to the AMF. Meanwhile, discussions about updating the depositary agreement continued through meetings with the AFG.
The group also responded to numerous AMF consultations and continued to act as a watchdog on regulatory implementation, lobbying authorities to promote members’ interests and endeavouring to limit the operational impact of certain interpretations or changes. Furthermore, the group played a part in the launch of the European Trustee Depositary Forum, which has materially increased dialogue with European counterparts.