Third party - AIFMD Provision
From the recital to AIFMD:
- (39) It should be possible for a depositary to delegate the safe-keeping of assets to a third party which, in its turn, should be able to delegate that function. However, delegation and sub-delegation should be objectively justified and subject to strict requirements in relation to the suitability of the third party entrusted with the delegated function, and in relation to the due skill, care and diligence that the depositary should employ to select, appoint and review that third party.
(40) A third party to whom the safe-keeping of assets is delegated should be able to maintain a common segregated account for multiple AIFs, a so-called "omnibus account".
Of particular interest to depositaries who are thinking of delegating, under 21(14), the safe-keeping of assets to a custodian in a third country who does not meet the criteria in Article 21(11)(d)
See also
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