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AIFMD: Difference between revisions
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===Application=== | ===Application=== | ||
AIFMD [[Depositary]] requirements are driven by a combination of the domicile of the AIFM and AIF and marketing practices: | AIFMD [[Depositary]] requirements are driven by a combination of the domicile of the AIFM and AIF and marketing practices: | ||
*'''EU AIFM of EU AIF''': Subject to Full [[Depositary]] requirements (Article 21) | *'''EU AIFM of EU AIF''': Subject to Full [[Depositary]] requirements (Article {{aifmdprov|21}}) | ||
*'''EU AIFM of non-EU AIF''': Subject to lighter depositary regime (Article 36) – mandatory in order to market the non EU-AIF marketed to EU investors through [[private placement]]. | *'''EU AIFM of non-EU AIF''': Subject to lighter depositary regime (Article {{aifmdprov|36}}) – mandatory in order to market the non EU-AIF marketed to EU investors through [[private placement]]. | ||
*'''Non-EU AIFM of EU or non-EU AIF''': not subject (at least initially) to any depositary requirements irrespective of whether AIF being marketed to EU investors, except potentially if marketing into certain countries (e.g. Germany, Denmark, France "gold plating"), and any other country specific requirements (e.g. Ireland QIAIF requirements) | *'''Non-EU AIFM of EU or non-EU AIF''': not subject (at least initially) to any depositary requirements irrespective of whether AIF being marketed to EU investors, except potentially if marketing into certain countries (e.g. Germany, Denmark, France "gold plating"), and any other country specific requirements (e.g. Ireland QIAIF requirements) | ||
====Depositary Lite Regime==== | ====Depositary Lite Regime==== | ||
Non-EU [[AIF]]s marketed by an EU [[AIFM]] to EU investors through [[private placement]] are subject to certain depositary requirements (Article 36 [[AIFMD]]) | Non-EU [[AIF]]s marketed by an EU [[AIFM]] to EU investors through [[private placement]] are subject to certain depositary requirements (Article {{aifmdprov|36}} [[AIFMD]]) | ||
* An AIFM must ensure one or more entities are appointed to carry out the following duties of: | * An AIFM must ensure one or more entities are appointed to carry out the following duties of: | ||
**Cash flow monitoring (Article 21 | **Cash flow monitoring (Article {{aifmdprov|21(7)}}); | ||
**Safe keeping of assets, both financial instruments and OTC (Articles 21 | **Safe keeping of assets, both financial instruments and OTC (Articles {{aifmdprov|21(8)(a)}} and {{aifmdprov|21(8)(b)}}; and | ||
**Oversight (Article 21 | **Oversight (Article {{aifmdprov|21(9)}}) | ||
*Unlike Article 21 (which covers the full depositary obligations of an EU AIFM / EU AIF) there is no strict liability for loss of assets for a non-EU AIF, and no requirement to appoint a single depositary - therefore this regime is referred to as "Depositary-Lite" or "Depo-Lite". | *Unlike Article {{aifmdprov|21}} (which covers the full depositary obligations of an EU AIFM / EU AIF) there is no strict liability for loss of assets for a non-EU AIF, and no requirement to appoint a single depositary - therefore this regime is referred to as "Depositary-Lite" or "Depo-Lite". | ||
{{aifmdanatomy}} | |||