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Safekeeping duties with regard to assets held in custody - AIFMD Provision: Difference between revisions
Safekeeping duties with regard to assets held in custody - AIFMD Provision (view source)
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{{aifmdanat|DR89}} | {{aifmdanat|DR89}} | ||
*Breaking - this is due to be replaced in 2020 with the upshot of [https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32018R1618&from=EN Commission Delegated Regulation (EU) 2018/1618 amending Delegated Regulation (EU) 231/2013] | |||
Note the lookthrough provisions of Article {{aifmdprov|DR89(3)}}. If an {{aifmdprov|AIF}} is set up as a feeder into another fund controlled by the {{aifmdprov|AIFM}}, such that the primary investments of the {{aifmdprov|AIF}} are held in a different legal entity, the {{aifmdprov|Depositary}}’s safe keeping obligations apply to the assets held in that ultimate legal entity. In otherwords, an {{aifmdprov|AIF}} can't craftily get around AIFMD {{aifmdprov|Depositary}} safekeeping responsibilities by sticking its investment portfolio in a ten dollar offshore [[espievie]]. | Note the lookthrough provisions of Article {{aifmdprov|DR89(3)}}. If an {{aifmdprov|AIF}} is set up as a feeder into another fund controlled by the {{aifmdprov|AIFM}}, such that the primary investments of the {{aifmdprov|AIF}} are held in a different legal entity, the {{aifmdprov|Depositary}}’s safe keeping obligations apply to the assets held in that ultimate legal entity. In otherwords, an {{aifmdprov|AIF}} can't craftily get around AIFMD {{aifmdprov|Depositary}} safekeeping responsibilities by sticking its investment portfolio in a ten dollar offshore [[espievie]]. | ||