Three options emerged for harmonising the scope of institutions that are deemed to provide sufficient guarantees in terms of prudential regulation and capital requirements to fulfil the task of being a depositary. The impact assessment concludes that both credit institutions and regulated investment firms provide sufficient guarantees in terms of prudential regulation, capital requirements and effective supervision to act as UCITS depositaries. Other institutions (such as, ., law firms, notaries) are not deemed to provide these guarantees and would have, if they wished to act as UCITS depositaries, to transform themselves into regulated investment firms. As most UCITS depositaries.
