In this article, Neil Simmonds, a partner in the Financial Services Group at Simmons & Simmons LLP, considers key aspects of the European Commission's legislative proposal for the UCITS V Directive, which was published in July 2012. He also compares the proposal with the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD).

For an overview of developments relating to UCITS V, see Practice note, Hot topics: UCITS V.