On UCITS, ESMA expects to provide input at the relevant stage on the delegated acts and/or technical standards that may be required under the UCITS V Directive. ESMA’s previous work on depositaries and remuneration under the AIFMD will provide useful benchmarks on which to build. In addition, and subject to developments at the level of the EU institutions, ESMA may be tasked with further work in relation to the VC and SEF Regulations. In responding to any requests received in this area, ESMA will have to pay close attention to the specificities of the entities covered by these two initiatives while,.
