The weeks leading up to the summer vacation saw a flurry of UCITS activity, including the publication of an ESMA report and guidelines on UCITS, the unofficial release of the draft UCITS V Directive and the publication of a consultation paper on UCITS VI, which, taken together, will significantly impact the UCITS landscape in the years ahead.

Many of these regulatory developments arise from the implementation of the Alternative Investment Managers Directive (AIFMD) and, going forward, it is expected that the regulatory framework for both alternative funds and UCITS will move on a twin track approach. Accordingly, developments in UCITS should be monitored for application to Alternative Investment Funds (AIFs) and vice versa.