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Non-{{tag|EU}} [[AIF]]s marketed by an {{tag|EU}} [[AIFM]] to EU investors through [[private placement]] are subject to certain somewhat diminished depositary requirements (Article {{aifmdprov|36}} {{tag|AIFMD}}) - this is | Non-{{tag|EU}} [[AIF]]s marketed by an {{tag|EU}} [[AIFM]] to EU investors through [[private placement]] are subject to certain somewhat diminished depositary requirements (Article {{aifmdprov|36}} {{tag|AIFMD}}). Unlike Article {{aifmdprov|21}} (which covers the full depositary obligations of an {{aifmdprov|EU AIFM}}/{{aifmdprov|EU AIF}}) there is no strict liability for loss of assets for a {{aifmdprov|non-EU AIF}}, and no requirement to appoint a single {{aifmdprov|depositary}} - therefore this regime is referred to as "{{aifmdprov|Depositary-Lite}}" or "{{aifmdprov|Depo-Lite}}". | ||
An AIFM must ensure one or more entities are appointed to carry out the following duties of: | |||
====Cash flow monitoring==== | |||
{{nuts|AIFMD|21(7)}} | |||
====Safe keeping of assets==== | |||
{{nuts|AIFMD|21(8)}} | |||
(whether financial instruments and OTC (Articles {{aifmdprov|21(8)(a)}} and {{aifmdprov|21(8)(b)}}; and | |||
====Oversight==== | |||
{{nuts|AIFMD|21(9)}} | |||
{{aifmdsnap|36}} | {{aifmdsnap|36}} | ||
{{aifmdanatomy}} | {{aifmdanatomy}} |