UCITS V is Starting to Worry Us All!

Many years ago, U.S. regulators, whilst revising the old 17F5 regulations, allegedly sought to compel custodians to assume liability for failure of either a sub custodian or a central securities depository (CSD). It was also alleged that, in that light, the major U.S. custodians advised the regulators of their unwillingness to accept such liability and asked for a delay to allow an orderly exit from the market.