Depositary - AIFMD Provision

AIFMD Anatomy™ Go Premium {{{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) | Comments? Questions? Suggestions? Requests? Insults? We’d love to 📧 hear from you. Sign up for our newsletter.

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:

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

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