Depositary lite - AIFMD Provision: Difference between revisions

UK, of course, used to be an innie, and the idea is, as nearly as possible, for all the damage Brexit has done, we remain an innie afterwards, with harmonised alternative fund management regulation. But there’s a little gap: a UK domiciled fund is an ''innie'' for UK AIFMD, but an ''outie'' for EU AIFMD. But conversely, an fund domiciled in the EU is an ''innie'' for the EU, but ''also an innie'' for the UK, because a “third country” AIF means one resident outside the EEA.

'''Cut-down depositary function''': Non-{{tag|EU}} [[AIF]]s marketed by an {{tag|EU}} [[AIFM]] to EU investors through [[private placement]] — call them {{aifmdprov|Non-EU AIF}}s — have to comply with everything else in {{tag|AIFMD}} ''but they don’t have to have a {{aifmdprov|depositary}}''.