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Overview: The European Securities and Markets Authority (ESMA) published on 23 July 2015 a consultation paper on proposed guidelines on sound remuneration policies under the UCITS V Directive. ESMA’s consultation paper states that remuneration policies should apply not only to the staff of UCITS funds and their management companies but also to external service providers to whom certain activities are delegated “where the remuneration rules would otherwise be circumvented”. This article questions whether ESMA can impose remuneration policies on delegates of UCITS without having a defined mandate under the UCITS V Directive.
Introduction
Since the banking and financial crisis of 2008 and 2009, there has been a significant regulatory response aimed at...
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