UCITS IV - is your money now really safe?

The regulatory machine is (as always) running overtime but the outcome is not always proportional to the effort. After UCITS I, II and III regulators are already putting the finishing touches on the next (but surely not last) version of the framework for investment funds in Europe. When a commentator writes that 'EU laws impose no ficuiary duties on boards of directors and the definition of their role is again left at the discretion of country regulators' (Samuel Sender, FTfm, 28 March 2011) one can have but little confidence in the outcome of the deliberations of the regulators.