#REDIRECT [[Depositary - AIFMD Provision]]
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-
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...s}} held in custody in accordance with point (a) of paragraph [[21(8)(a) - AIFMD Provision|8]] has been delegated. <br>
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{{aifmdprov|21(4)}}. In order to avoid conflicts of interest between the {{aifmdprov|depos
...ime broker}} of its custody tasks in accordance with paragraph {{aifmdprov|21.11}} is allowed if the relevant conditions are met. <br>
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...not be affected by any [[delegation]] referred to in paragraph {{aifmdprov|21(11)}}.
...ment}}s held in custody by a third party pursuant to paragraph {{aifmdprov|21(11)}}, the {{aifmdprov|depositary}} may discharge itself of liability if it
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{{aifmdprov|21(5)}}. The {{aifmdprov|depositary}} shall be established in one of the follo
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{{aifmdprov|21(7)}}. The {{aifmdprov|depositary}} shall in general ensure that the {{aifmd
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...ts laid down in point {{aifmdprov|21(11)(d)(ii)}} of paragraph {{aifmdprov|21(11)}}, the {{aifmdprov|depositary}} can discharge itself of liability provi
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...ribed in this Article, save for those referred to in paragraph {{aifmdprov|21(8)}}.
...legate to third parties the functions referred to in paragraph {{aifmdprov|21(8)}} subject to the following conditions:
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{{aifmdprov|21(8)}}. The assets of the [[AIF]] or the [[AIFM]] acting on behalf of the [
...out in Article {{aifmdprov|16}} of Directive {{eudirective|2006|73|EC}} ([[AIFMD]]), opened in the name of the [[AIF]] or the [[AIFM]] acting on behalf of t
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{{Nutshell AIFMD 21(1)}}
{{Nutshell AIFMD 21(2)}}
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{{aifmdprov|21(16)}} '''Information''': The depositary must make all information it receiv
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...11)}}. The {{aifmdprov|depositary}} may delegate its paragraph {{aifmdprov|21(8)}} custody functions (but not its other functions), as long as: <br />
:(a) it isn’t trying to avoid its {{tag|AIFMD}} obligations;
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#REDIRECT [[Template:Nutshell AIFMD Issuance and cancellation of fund units etc.]]
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{{aifmdprov|21(15)}} '''AIF Investors''': Liability to [[AIF]] investors may be invoked di
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#REDIRECT [[Issuance and cancellation of fund units etc. - AIFMD Provision]]
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{{aifmdprov|21(14)}} '''Discharge of liability for delegates in non-EU jurisdictions in li
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{{aifmdprov|21(1)}}: '''Single depositary per [[AIF]]''': [[AIFM]] must ensure each [[AIF]
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#REDIRECT [[Avoiding conflicts of interest - AIFMD Provision]]
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{{aifmdanat|21(14)}}
Of interest are the criteria set out in Article {{aifmdprov|21(11)(d)(ii)}}, right? If met, the strictures of this paragraph do not apply.
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...bility won’t be affected by any [[delegation]] under paragraph {{aifmdprov|21(11)}}. However the {{aifmdprov|depositary}} may discharge itself of liabili
...e [[delegation]] of its [[custody]] tasks set out in paragraph {{aifmdprov|21(11)}} are met; <br>
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...': Appointed by written contract meeting certain minimum criteria of {{tag|AIFMD}}. <br>
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{{aifmdanat|21(1)}}
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...the {{aifmdprov|depositary}} or a third party to whom custody [[21(8)(a) - AIFMD Provision|has been delegated]]. In the case of such a loss the {{aifmdprov|
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{{aifmdprov|21(3)}}: '''Eligibility criteria''': a depositary must be <br>
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...a for non-EU [[AIF]]s''': If established in a non-EU state per {{aifmdprov|21(5)}}(b), there are certain other conditions that must be met; <br>
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{{aifmdprov|21(7)}} '''Depositary obligations re cash''': The {{aifmdprov|depositary}} mus
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{{aifmdanat|21(13)|}}''See also Article {{aimfdprov|21(12)}} of AIFMD relating to liability for Loss of Financial Instruments Held in Custody.''<
...}}s. The {{aifmdprov|depositary}} will say, “well, by dint of {{aifmdprov|21(12)}}, I am stuck with more or less absolute liability for loss of the {{ai
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{{aifmdprov|21(10)}} '''Standard of Conduct''': {{aifmdprov|Depositary}} must act honestly
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{{AIFMD 21(11)(d)(ii)}}
...and prohibitions set out in paragraphs {{aifmdprov|21(8)}} and {{aifmdprov|21(10)}}. <br>
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#REDIRECT [[Location of depositary - AIFMD Provision]]
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#REDIRECT [[Template:AIFMD 21(8)]]
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#redirect[[Depositary’s standard of conduct - AIFMD Provision]]
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#REDIRECT [[General responsibilities of depositary - AIFMD Provision]]
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{{aifmdprov|21(5)}}: '''Jurisdiction''': Depositary must be established in either:<br>
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#REDIRECT [[Delegation of depositary’s functions - AIFMD Provision]]
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#REDIRECT [[Template:Nutshell AIFMD Depositary's obligations re safekeeping of assets]]
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{{aifmdprov|21(17)}} '''Certain other measures''': The Commission shall adopt, by means of
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{{aifmdprov|21(4)}}: '''Conflict management''': To avoid conflicts between [[AIFM]], [[AIF
...may delegate of custody tasks as per {{aifmdprov|21(11)}} (and {{aifmdprov|21(8)}}; <br>
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#REDIRECT [[Liability for loss of assets - AIFMD Provision]]
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#REDIRECT [[Depositary's obligations re safekeeping of assets - AIFMD Provision]]
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#REDIRECT [[21(8) - AIFMD Provision]]
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{{aifmdprov|21(11)(d)}} the {{aifmdprov|depositary}} ensures that the {{aifmdprov|third pa
:(ii) for custody tasks set out in paragraph {{aifmdprov|21(8)}}(a), it is subject to
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...(ii)]] for custody tasks referred to in point (a) of paragraph {{aifmdprov|21(8)}}, the {{aifmdprov|third party}} is subject to effective prudential regu
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{{aifmdanat|21(11)(d)}}
...F must be able to sue a third party subcustodian directly, see {{aifmdprov|21(14)}}.
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{{aifmdsnap|21(11)(d)(ii)}}
{{anat|aifmd}}
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{{Nutshell AIFMD 21(1)}}
{{Nutshell AIFMD 21(2)}}
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===Paragraph 21(5), {{tag|AIFMD}}===
{{aifmdquote|{{AIFMD 21(5)}}|21(5)}}
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{{aifmdsnap|21(9)}}
{{nuts|AIFMD|21(9)}}
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===={{tag|AIFMD}}====
...stment Funds Management Directive]] ({{eudirective|2011|61|EU}}) and the [[AIFMD Implementing Regulation]] {{euregulation|231|2013}}.
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{{fullanat|aifmd|DR76|}}
...{aifmdprov|depositary}}. What this means discussed in the recital to the [[AIFMD Delegated Regulation]] (sigh):
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{{a|aifmd|}}{{a|ucits|}}{{depositary}}
==={{tag|AIFMD}}===
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{{aifmdanat|21|
The key parts of AIFMD insofar as they relate to {{aifmdprov|depositary}} are: <br>
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#REDIRECT [[Template:AIFMD 21(8)]]
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#redirect[[21(12) - AIFMD Provision]]
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#redirect[[21(13) - AIFMD Provision]]
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#REDIRECT [[21(8) - AIFMD Provision]]
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#REDIRECT [[21(4) - AIFMD Provision]]
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#REDIRECT [[Template:AIFMD 21(4)]]
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#redirect[[21(14) - AIFMD Provision]]
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#redirect[[21(11) - AIFMD Provision]]
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#redirect[[21(11) - AIFMD Provision]]
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#REDIRECT [[Template:Nutshell AIFMD 21(4)]]
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#REDIRECT [[Template:Nutshell AIFMD 21(5)]]
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Compare: {{aifmdprov|21(8)(a)}} of {{tag|AIFMD}}.
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...(ii)]] for custody tasks referred to in point (a) of paragraph {{aifmdprov|21(8)}}, the {{aifmdprov|third party}} is subject to effective prudential regu
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...': Appointed by written contract meeting certain minimum criteria of {{tag|AIFMD}}. <br>
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===Custody delegation under {{t|UCITS}} and {{t|AIFMD}} looks kind of similar doesn’t it?===
...wixt {{t|UCITS}} (Art {{ucits5prov|22a}}) and {{t|AIFMD}} (Art {{aifmdprov|21(11)}}) are ''largely'' formal, or ''[[mutatis mutandis]]'' in style. The s
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{{aifmdanat|21(13)|}}''See also Article {{aimfdprov|21(12)}} of AIFMD relating to liability for Loss of Financial Instruments Held in Custody.''<
...}}s. The {{aifmdprov|depositary}} will say, “well, by dint of {{aifmdprov|21(12)}}, I am stuck with more or less absolute liability for loss of the {{ai
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{{aifmdanat|21(11)|}}On what on earth this is all about.
[[AIFMD]], requires an [[AIF]] to appoint a [[depositary - AIFMD Provision|depositary]] to perform certain administrative functions: managin
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From the recital to {{tag|AIFMD}}:
...n in a third country who does not meet the criteria in Article {{aifmdprov|21(11)(d)}}
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{{aifmdsnap|21(11)(d)(ii)}}
{{anat|aifmd}}
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...the {{aifmdprov|depositary}} or a third party to whom custody [[21(8)(a) - AIFMD Provision|has been delegated]]. In the case of such a loss the {{aifmdprov|
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{{a|aifmd|}}
{{aifmd intro}}
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{{AIFMD 21(11)(d)(ii)}}
...and prohibitions set out in paragraphs {{aifmdprov|21(8)}} and {{aifmdprov|21(10)}}. <br>
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...11)}}. The {{aifmdprov|depositary}} may delegate its paragraph {{aifmdprov|21(8)}} custody functions (but not its other functions), as long as: <br />
:(a) it isn’t trying to avoid its {{tag|AIFMD}} obligations;
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:(a) '''Depositary-lite''': the [[AIFM]] complies with all of {{tag|AIFMD}} except for having a {{aifmdprov|depositary}} — though it must appoint s
::(i) '''Cashflows''': monitor cashflows (art. {{aifmdprov|21(7)}}),
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{{a|euregulation|}}{{aifmd intro}}
AIFMD {{aifmdprov|Depositary}} requirements are driven by a combination of the do
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{{ucits5anat|24}}''Comare with Art {{aifmdprov|21(12)}} of [[AIFMD]]''. <br>
...ption of liability by the delegate (as is possible under AIFMD {{aifmdprov|21(12)}}), [[delegate]]s should expect to be asked to provide eye-watering [[i
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...}}. To comply with the obligations in Art. {{aifmdprov|21(8)}}(a) of {{t|AIFMD}} with respect to {{aifmdprov|financial instrument}}s to be held in custody
...rly registers the {{aifmdprov|financial instrument}}s per Art. {{aifmdprov|21(8)}}(a)(ii);
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...egal entity. In otherwords, an {{aifmdprov|AIF}} can't craftily get around AIFMD {{aifmdprov|Depositary}} safekeeping responsibilities by sticking its inves
...If the AIF feeds into a fund alongside other offshore feeders that aren’t AIFMD regulated then the {{aifmdprov|depositary}}’s obligations, strictly speak
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You will see from {{aifmdprov|21(4)}} the {{aifmdprov|depositary}}’s role ''[[in toto]]'' is not really su
...sponsibilities to the [[prime broker]], on exactly the terms required by [[AIFMD]] and [[AIFMR]].
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...ositary}} provisions, see the [[JC]]’s handy [[Depositary comparison under AIFMD and UCITS]] feature. Neat, huh?
Liability is covered by Article {{aifmdprov|21(11)}} of {{t|AIFMD}}. The {{aifmdprov|depositary}} is liable to the fund for the loss of custo
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...s}} held in custody in accordance with point (a) of paragraph [[21(8)(a) - AIFMD Provision|8]] has been delegated. <br>
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Article {{aifmdprov|DR100}} {{aifmd|Loss of a financial instrument held in custody}} <br>
...inancial instrument]] held in [[custody]] under [[AIFMD]] art. {{aifmdprov|21(12)}} will be lost by the {{aifmdprov|depositary}} or the delegated [[prime
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[Note: {{aifmdprov|21(8)(a)}} of {{tag|AIFMD}}]
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.... The depositary may delegate its custody functions described in paragraph 21(8) (but not its other functions), on the following conditions:
(a) it shouldn’t be trying to avoiding its obligations under AIFMD;
5 KB (866 words) - 16:43, 2 November 2018
...ribed in this Article, save for those referred to in paragraph {{aifmdprov|21(8)}}.
...legate to third parties the functions referred to in paragraph {{aifmdprov|21(8)}} subject to the following conditions:
3 KB (397 words) - 08:59, 6 October 2016
...ositary}} delegates the custody/safekeeping function under Art {{aifmdprov|21(8)(a)}} to a {{aifmdprov|prime broker}}. Sets out the reporting that {{aifm
*[[Delegation of depositary’s functions - AIFMD Provision]]
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...D does away with the need for the fund to have a full-blown [[Depositary - AIFMD Provision|depositary]], but you do need to monitor cash flows, look after [
{{Quote|“carrying out the Article 21(8)(a) ''[custody]'' function, as it applies to an entity appointed under Ar
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...[Delegation|delegated]]'' a [[custody]] function — agreeing to act, as {{t|AIFMD}} puts it, “at the first level of a [[custody chain]]”, as the direct [
.../ref>. {{tag|CASS}} only really talks about [[subcontract]]s, though {{tag|AIFMD}} and {{tag|UCITS}} deal with true [[delegation]] ''and'' [[subcontract]]s.
7 KB (1,103 words) - 15:01, 27 August 2020
{{aifmdprov|21(8)}}. The assets of the [[AIF]] or the [[AIFM]] acting on behalf of the [
...out in Article {{aifmdprov|16}} of Directive {{eudirective|2006|73|EC}} ([[AIFMD]]), opened in the name of the [[AIF]] or the [[AIFM]] acting on behalf of t
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{{aifmdanat|21(8)|}}
...epositary}} for each {{aifmdprov|AIF}} it manages. See Article {{aifmdprov|21}}.
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Both AIFMD (Art {{aifmdprov|21(12)}}) and UCITS (Art {{ucits5prov|24}}) exempt the depositary for liabilit
...omply with the [[segregation]] requirements defined in Article {{aifmdprov|21(11)(d)}}(iii) and the corresponding implementing measures. However, [[ESMA]
4 KB (587 words) - 14:47, 15 October 2019