82,891
edits
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
Line 1: | Line 1: | ||
{{aifmdanat|DR91|}} | {{aifmdanat|DR91|}} | ||
Relevant where a {{aifmdprov|depositary}} delegates the custody/safekeeping function under Art {{aifmdprov|21(8)(a)}} to a {{aifmdprov|prime broker}}. | ===Applies to full {{aifmdprov|depositary}} [[delegation]]s of the safe-keeping function...=== | ||
Relevant where a {{aifmdprov|depositary}} delegates the custody/safekeeping function under Art {{aifmdprov|21(8)(a)}} to a {{aifmdprov|prime broker}}. Sets out the reporting that {{aifmdprov|prime broker}} acting as a delegated custodian has to make to the {{aifmdprov|depositary}}. It is the {{aifmdprov|AIFM}}’s responsibility to make sure this happens, and yes, it seems to be one of those regulations imposing an obligation on the parties to have a {{t|contract}} to do something, rather than simply mandating it as a matter of compulsory regulation. There should be a name for regulations like this. Other than just “bone-headed”, of course. | |||
===Does ''not'' apply to depo lite=== | |||
''Not'' relevant in a [[depo-lite]] situation (which applies to certain {{aifmdprov|Non-EU AIF}}s, where there is not a {{aifmdprov|depositary}} in the first place, and delegation is not happening. When you think about it, it ''can’t'' really apply to a depo lite, since by definition there is no {{aifmdprov|depositary}} for the {{aifmdprov|prime broker}} to make any of these reports ''to''. | ''Not'' relevant in a [[depo-lite]] situation (which applies to certain {{aifmdprov|Non-EU AIF}}s, where there is not a {{aifmdprov|depositary}} in the first place, and delegation is not happening. When you think about it, it ''can’t'' really apply to a depo lite, since by definition there is no {{aifmdprov|depositary}} for the {{aifmdprov|prime broker}} to make any of these reports ''to''. | ||
===Don’t put this in the [[prime brokerage agreement]]=== | |||
[[Mediocre lawyer|Assiduous lawyers]] might want this put in your [[prime brokerage agreement]]. Seeing as the natural counterparties to this agreement are the PB, on one hand, and the {{aifmdprov|depositary}} or {{aifmdprov|AIFM}} on the other hand (neither of which is likely to be a party to the [[prime brokerage agreement]] - usually that is the [[PB]] and the {{aifmdprov|AIF}} itself), try to resist this. | |||
Assiduous lawyers might want this put in your prime brokerage agreement. Seeing as the natural counterparties to this agreement are | |||
{{sa}} | {{sa}} |