Depositary lite - AIFMD Provision: Difference between revisions

Depositary lite - AIFMD Provision (view source)

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 {{aifmdanat|36}}
-Non-{{tag|EU}} [[AIF]]s marketed by an {{tag|EU}} [[AIFM]] to EU investors through [[private placement]] are subject to certain somewhat diminished depositary requirements (Article {{aifmdprov|36}} {{tag|AIFMD}}). Unlike Article {{aifmdprov|21}} (which covers the full depositary obligations of an {{aifmdprov|EU AIFM}}/{{aifmdprov|EU AIF}}) there is no strict liability for loss of assets for a {{aifmdprov|non-EU AIF}}, and no requirement to appoint a single {{aifmdprov|depositary}} - therefore this regime is referred to as "{{aifmdprov|Depositary-Lite}}" or "{{aifmdprov|Depo-Lite}}".
+Non-{{tag|EU}} [[AIF]]s marketed by an {{tag|EU}} [[AIFM]] to EU investors through [[private placement]] are subject to certain somewhat diminished depositary requirements (Article {{aifmdprov|36}} {{tag|AIFMD}}). Unlike Article {{aifmdprov|21}} (which covers the full depositary obligations of an {{aifmdprov|EU AIFM}}/{{aifmdprov|EU AIF}}) there is no strict liability for loss of assets for a {{aifmdprov|non-EU AIF}}, and no requirement to appoint a single {{aifmdprov|depositary}} - therefore this regime is referred to as “{{aifmdprov|Depositary-Lite}}” or “{{aifmdprov|Depo-Lite}}”.
-An AIFM must ensure one or more entities are appointed to carry out the following duties of '''cash flow monitoring''', '''safe-keeping''' and '''oversight'''.
+===Delegation to Prime Broker===
+A Fund that is outside the EU but selling into it subject to the depo-lite regime can appoint the Prime Broker as its custodian, and the PB will accept this the role subject to 28(1)(a) ''as it applies to a depositary lite under ({{aifmdprov|36(1)(a)}}).