These Regulations implement in part Directive 2014/91/EU of the European Parliament and of the Council of 23rd July 2014 (OJ L 257, 28.8.2014, p.186) amending Directive 2009/65/EC (“the UCITS Directive”) on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions (“the UCITS V Directive”).