OpenLobby.EU
Explore

The UK Depositary Association

The UK Depositary Association was formed in 1999 and represents the industry views of depositaries of open-ended investment companies (OEICs), and Authorised Contractual Schemes (ACS) and trustees of unit trusts within the UK.

Lobbying Activity

Response to Safekeeping duties of depositaries for UCITS funds

26 Jun 2018

The Depositary and Trustee Association (“DATA”) represents UK depositaries of UCITS funds. DATA therefore welcomes the opportunity to respond to the European Commission’s consultation on proposed changes to the EU regulation relating to safekeeping duties for depositaries of UCITS funds. DATA supports the swift action in the proposed regulation clarifying the use of omnibus accounts, which is consistent with the Opinion on Asset Segregation published by ESMA in July 2017. However, DATA is strongly opposed to the apparent expectation that depositaries delegating custody to a third party should be prevented from utilising books and records held by its appointed delegates. These proposals will result in reduced market efficiency, increased operational risk and ultimately increased costs for investors in the UCITS funds of those depositaries, providing no obvious protection benefits. DATA’s detailed comments on the proposed regulation are in the attached response.
Read full response

Response to Safekeeping duties of depositaries for Alternative Investment Funds

26 Jun 2018

The Depositary and Trustee Association (“DATA”) represents UK depositaries of Alternative Investment Funds (“AIFs”). DATA therefore welcomes the opportunity to respond to the European Commission’s consultation on proposed changes to the EU regulation relating to safekeeping duties for depositaries of AIFs. DATA supports the swift action in the proposed regulation clarifying the use of omnibus accounts, which is consistent with the Opinion on Asset Segregation published by ESMA in July 2017. However, DATA is strongly opposed to the apparent expectation that depositaries delegating custody to a third party should be prevented from utilising books and records held by its appointed delegates. These proposals will result in reduced market efficiency, increased operational risk and ultimately increased costs for investors in the AIFs funds of those depositaries, providing no obvious protection benefits. DATA’s detailed comments on the proposed regulation are in the attached response.
Read full response