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===What is a {{aifmdprov|depositary}}? === | ===What is a {{aifmdprov|depositary}}? === | ||
Every UCITS or AIF must appoint an independent {{aifmdprov|depositary}}, which must be a [[bank]] or regulated [[investment firm]] based in the fund’s home jurisdiction. To avoid conflicts of interest, generally neither | Every [[UCITS]] or [[AIF]] must appoint an independent {{aifmdprov|depositary}}, which must be a [[bank]] or regulated [[investment firm]] based in the fund’s home jurisdiction. To avoid [[conflicts of interest]], generally neither the [[fund]]’s own [[investment manager]] nor its [[prime broker]] (if it has one) can act as a {{aifmdprov|depositary}}, though the {{aifmdprov|depositary}} can delegate certain of its functions to the [[prime broker]], as we shall see. | ||
In what follows we discuss the {{AIFMD}} {{aifmdprov|depositary}} provisions. If you want to compare those with the {{UCITS}} {{ucits5prov|depositary}} provisions, see the [[JC]]’s handy [[Depositary comparison under AIFMD and UCITS]] feature. Neat, huh? | |||
===What does a {{aifmdprov|depositary}} do?=== | ===What does a {{aifmdprov|depositary}} do?=== | ||