Depositary lite - AIFMD Provision: Difference between revisions

Depositary lite - AIFMD Provision (view source)

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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 known as the "[[depositary lite]]" or "[[depo-lite]]" regime
+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)}}
-* An AIFM must ensure one or more entities are appointed to carry out the following duties of:
-**Cash flow monitoring (Article {{aifmdprov|21(7)}});
-**Safe keeping of assets, both financial instruments and OTC (Articles {{aifmdprov|21(8)(a)}} and {{aifmdprov|21(8)(b)}}; and
-**Oversight (Article {{aifmdprov|21(9)}})
-*Unlike Article {{aifmdprov|21}} (which covers the full depositary obligations of an EU AIFM / EU AIF) there is no strict liability for loss of assets for a non-EU AIF, and no requirement to appoint a single depositary - therefore this regime is referred to as "{{aifmdprov|Depositary-Lite}}" or "{{aifmdprov|Depo-Lite}}".
 {{aifmdsnap|36}}
 {{aifmdanatomy}}