Location of depositary - AIFMD Provision

Paragraph 21(5), AIFMD

AIFMD, 21(5)
21(5). The depositary shall be established in one of the following locations:

(a) for EU AIFs, in the home Member State of the AIF;

(b) for non-EU AIFs, in the third country where the AIF is established or in the home Member State of the AIFM managing the AIF or in the Member State of reference of the AIFM managing the AIF.

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Commentary

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21(5) in a Nutshell™ _{(AIFMD edition)}

21(5): Jurisdiction: Depositary must be established in either:

(a) home Member State of the AIF;

(b) for non-EU AIFs, in the country of the AIF, the home Member State of the AIFM, or the Member State of reference of the AIFM (don't you just LOVE THIS GAME???!)

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AIFMD Anatomy™ →Go uptown {{{2}}} Directive 2011/61/EU (EUR Lex) | Implementing regulation 231/2013 (EUR Lex) Navigation directive - 21 (depositary) | 21(4) (conflict management) | 21(8) (custody function) | 21(11) (custody delegation) | 21(12) (liability for loss of assets) | 21(13) (discharge of liability on delegation) | 21(14) (discharge of liability for Non-EU subcustodians) | 36 (depo-lite) | 36(1) implementing regulation DR20 (Due diligence when appointing counterparties and prime brokers) | DR76 (objective reason) | DR89 (Safekeeping duties with regard to assets held in custody) | DR91 (reporting obligations for prime brokers) | DR98 (due diligence) | DR99 (segregation obligation) | DR100 (Loss of custody asset) | Tell me more Sign up for our newsletter — or just get in touch: for ½ a weekly 🍺 you get to consult JC. Ask about it here.