Non-EU AIF - AIFMD Provision
Non-EU AIFs marketed by an EU AIFM to EU investors through private placement — are subject to a diluted version of AIFMD under which, for example, they don't need to appoint a depositary, though they do need folks to carry out some of the depositary’s basic functions (cashflow monitoring, custody and subscriptions and redemptions).
More — much more — at our depo-lite page.