The European Association of Cooperative Banks (EACB) welcomes the opportunity to respond the ESMA Consultation Paper on on depositary requirements under UCITS V. The EACB is pleased to would urge ESMA to make sure that its final recommendations are in line with Level-1 text, are proportionate and do not go further than what is required to achieve the stated objective, which is to ensure that both the management company and the depositary have specific safeguards against conflicts of interest to allow for the independent performance of their activities.
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