TAILIEUCHUNG - Guidelines on sound remuneration policies under the AIFMD

The current UCITS framework provides little clarity on the institutions that are eligible to act as a depositary for a UCITS fund. According to Article 23(3) UCITS Member States enjoy significant discretion as to the institutions they deem eligible to act as UCITS depositaries, provided that the institutions comply with the requirements of Article 23 (2) (. they are subject to prudential regulation and on-going supervision). This has led to divergent approaches across Member States: out of the 17 Member States that require depositaries to be credit institutions, 12 impose specific capital requirements just for carrying out custody. | esma European Securities and Markets Authority Consultation paper Guidelines on sound remuneration policies under the AIFMD A OCiTiO European Securities and x Col I la Markets Authority Date 28 June 2012 ESMA 2012 406 Responding to this consultation paper ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex V. Comments are most helpful if they indicate the specific question to which the comment relates and respond to the question stated contain a clear rationale clearly stating the costs and benefits and describe any alternatives ESMA should consider. ESMA will consider all comments received by 27 September 2012. All contributions should be submitted online at under the heading Your input -Consultations . Publication of responses All contributions received will be published following the close of the consultation unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at under the heading Legal Notice . Who should read this paper This document will be of interest to asset management companies and trade associations of asset management companies managing funds falling in the scope of the Alternative Investment Fund Managers Directive and investors investing into such funds. ESMA 103 rue de Grenelle 75007 Paris France Tel. 33 0 1 58 36 43 21 Contents I. Executive Summary 6 II. Background 8 III. Structure of the Guidelines 10 IV. .

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