Reporting obligations for prime brokers - AIFMD Provision: Difference between revisions

===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.

''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''.