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UCITS (Undertakings for Collective Investment in Transferable Securities) refers to a set of European Union Directives establishing a harmonized legal framework for the creation, management and marketing of collective investment schemes in the EU (and EEA) Member States, with a strong focus on investors’ protection and product regulation. This harmonized framework enables UCITS funds once registered in one Member State to be freely marketed across the European Union. Since it was first adopted in 1985 the UCITS Directive has been modified several times to take into account developments in financial markets. The latest version of the UCITS Directive (2009/65/EC), also known as UCITS IV, was adopted in 2009 and entered into force on 1 July 2011. After a round of consultations in 2009 and 2010 the Commission is expected to publish in July 2012 a new revision of the Directive (UCITS V) focusing on a clarification of the UCITS depositary duties and liabilities, a review of remuneration practices with the objective to align the interests of UCITS managers on the long-term interests of investors as well as an harmonization and strengthening of sanctioning regimes.