Depositary - AIFMD Provision

AIFMD Anatomy™

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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) \|

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See also depositary lite

This is the provision that requires AIFMs to appoint a single depositary for each AIF that they manage. Note the effect of 36(1) with respect to non-EU AIFs, and the provisions of 21(8) regarding safekeeping of assets. Note also the parallell concept of a depositary under UCITS V, and the handy comparison between the two regimes.

21(4) - avoiding conflicts of interest
21(5) - location of depositary
21(6) - conditions to appointment of depositary in a third country
21(7) - general responsibilities of depositary
21(11) - criteria for delegating depositary functions to third parties
21(14) - further provisions for where third party is in a third country

That, in a Nutshell™, provides:

Depositary in a Nutshell™ _{(AIFMD edition)}

Template:Nutshell AIFMD Depositary

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