Working Group Chair:
Urs Staehli

To produce an educational paper explaining the intermediary chains, responsibilities and inherent risks - addressing not only traditional securities, but also unit shares of mutual funds (e.g. direct deposit with non-regulated registrars), derivatives, cash, etc.

Letter to European Commission (09/2009), PDF 125 kB
Final paper: UCITS Depositary Functions - Risks and Liabilities (10/2009), PDF 262 kB