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Template:Nutshell AIFMD DR89: Difference between revisions
Template:Nutshell AIFMD DR89 (view source)
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:(g) verifies the {{aifmdprov|AIF}}’s ownership right over the assets. | :(g) verifies the {{aifmdprov|AIF}}’s ownership right over the assets. | ||
{{aifmdprov|DR89(2)}}. A {{aifmdprov|depositary}} who delegates custody functions under Art. {{aifmdprov|21(11)}} of {{t|AIFMD}} is still subject to {{aifmdprov|DR89(1)}}(b) to (e) and must ensure that the third party complies with Art. {{aifmdprov|DR89(1)}}(b) to (g) and the segregation obligations in Art. {{aifmdprov|DR99}}. | {{aifmdprov|DR89(2)}}. A {{aifmdprov|depositary}} who delegates custody functions under Art. {{aifmdprov|21(11)}} of {{t|AIFMD}} is still subject to {{aifmdprov|DR89(1)}}(b) to (e) and must ensure that the third party complies with Art. {{aifmdprov|DR89(1)}}(b) to (g) and the segregation obligations in Art. {{aifmdprov|DR99}}. ''This to be replaced by: ''{{aifmdprov|DR89(2)}}. A {{aifmdprov|depositary}} who delegates its custody functions under Article {{aifmdprov|21(11)}} of {{t|AIFMD}}, is still subject to Art.{{aifmdprov|DR89(1)}}'''(a)''' to (e) and must ensure that the third party complies Art.{{aifmdprov|DR89(1)}}(b) to (g) and segregation obligations in Article {{aifmdprov|99}}.’; | ||
{{aifmdprov|DR89(3)}}. A {{aifmdprov|depositary}}’s safe-keeping duties in Art. {{aifmdprov|DR89(1)}} and {{aifmdprov|DR89(2)}} apply on a look-through basis to underlying assets held by financial or legal structures controlled directly or indirectly by the {{aifmdprov|AIF}} or its {{aifmdprov|AIFM}}. | {{aifmdprov|DR89(3)}}. A {{aifmdprov|depositary}}’s safe-keeping duties in Art. {{aifmdprov|DR89(1)}} and {{aifmdprov|DR89(2)}} apply on a look-through basis to underlying assets held by financial or legal structures controlled directly or indirectly by the {{aifmdprov|AIF}} or its {{aifmdprov|AIFM}}. | ||
Art.{{aifmdprov|DR89(1)}} will not apply to [[fund of funds]] structures or [[master-feeder structure]]s where the underlying funds have their own {{aifmdprov|depositary}} who is responsible for custody of their assets. | Art.{{aifmdprov|DR89(1)}} will not apply to [[fund of funds]] structures or [[master-feeder structure]]s where the underlying funds have their own {{aifmdprov|depositary}} who is responsible for custody of their assets. <br> | ||