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Depositary lite - AIFMD Provision: Difference between revisions
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Depositary lite - AIFMD Provision (view source)
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===Appointment language=== | ===Appointment language=== | ||
You could, and many fastidious [[legal eagles]] will, descend into the pit of a cavernous drafting oubliette trying to explain exactly | You could, and many fastidious [[legal eagles]] will, descend into the pit of a cavernous drafting oubliette trying to explain exactly what a depositary lite does — the interplay between full depositaries and custody only, and full and lite depositary status is enough to send many of them into a funk; interjecting mirroring UK legislation into the game will put them into a bottomless pit of despair. In a fit of affection, we humbly offer the following: | ||
{{quote|'''Depositary lite''': <br> | {{quote|'''Depositary lite''': <br> | ||
(a) Where, for the purposes of the Alternative Investment Fund Managers Regulations 2013 (UK AIFMR), you are a “third country AIF” you may appoint us to act as your “Article 36 custodian”. We will carry out that appointment according to prevailing regulations and technical standards as they apply to Article 36 custodians. <br> | (a) Where, for the purposes of the Alternative Investment Fund Managers Regulations 2013 (“'''UK AIFMR'''”), you are a “third country AIF” you may appoint us to act as your “Article 36 custodian”. We will carry out that appointment according to prevailing regulations and technical standards as they apply to Article 36 custodians. <br> | ||
(b) Where the EU Alternative Investment Fund Managers Directive (EU AIFMD) applies, an “Article 36 custodian” means an entity appointed under Article 36(1)(a) of EU AIFMD to carry out the safekeeping of financial instruments that can be held in custody.}} | (b) Where the EU Alternative Investment Fund Managers Directive (“'''EU AIFMD'''”) applies, an “Article 36 custodian” means an entity appointed under Article 36(1)(a) of EU AIFMD to carry out the safekeeping of financial instruments that can be held in custody.}} | ||
===[[Prime broker]] as depositary lite=== | ===[[Prime broker]] as depositary lite=== | ||