On November 17, the UK Financial Conduct Authority (FCA) updated its webpage focused on Undertakings for Collective Investment in Transferable Securities fund (UCITS) remuneration issues to confirm that it does not intend to publish any specific guidance on the application of the UCITS Remuneration Code. The FCA notes that UCITS management companies may wish to review the correlating requirements of the UCITS V Directive and the Alternative Investment Funds Directive (AIFMD), as well as guidance issued by the European Securities and Market Authority (ESMA) under each of those directives. The FCA indicates that firms also may look to the FCA’s existing AIFMD guidance to understand the regulator’s expectations for such firms’ remuneration policies and procedures.

The FCA’s UCITS Remuneration Code webpage is available here.