Segregation obligation - AIFMD Provision: Difference between revisions

Segregation obligation - AIFMD Provision (view source)

1,365 bytes added , 24 March 2020

no edit summary

83,153

edits

@@ Line 1: / Line 1: @@
-{{aifmdanat|DR99}}
+{{a|aifmd|}}Delegated Regulation {{aifmdprov|DR99}} relates to the {{aifmdprov|depositary}}’s obligation to segregate custody assets.
+In the main {{aifmdprov|DR99}} is of scant interest to [[prime broker]]s, though the {{aifmdprov|depositary}} might insist on copying screeds of the regulation out and popping it into the custody delegation contract. This is an understandable instinct, but a misguided one which you must all the same resist, for the simple reason that ''regulations change''. Even EU regulations. By all means refer to the obligations under {{aifmdprov|DR99}} as in force [[from time to time]], or something similarly laborious, as long as it merely tracks the actual regulatory requirement that impacts what the [[delegate]] must do, [[for the time being]], not what it was eight years ago when you signed its stupid [[contract]].
+An [[Negotiator|assiduous pedant]]<ref>I was surprised about this, too, but you do occasionally come across them negotiating prime brokerage documents.</ref> might also argue that {{aifmdprov|DR99}} doesn’t actually impose obligations, ''[[per se]]'', on the [[delegate]] [[sub-custodian]], but only on the {{aifmdprov|depositary}}, so the delegate should not have to give these reps, or agree to be subject to these regulations at all.
+You have the chance to do the whole world a favour here, by not being that guy.
+{{ref}}