Finansinspektionen (FI) welcomes the Commission’s Consultation on the UCITS depositary function and on the UCITS managers’ remuneration.
One important issue, which has not been addressed in the consultation, concerns the intra-group relationships between a UCITS depositary and a management company. In FI’s opinion, the conflicts of interest that arise from such a relationship make it difficult for the depositary to act independently from the manager and solely in the interests of the unit holders. Therefore, FI suggests the introduction of a new provision in the UCITS directive or on level 2 to the effect that a depositary shall not be affiliated with the management company of the UCITS.
