Key provisions of AIFMD—depositories
Produced in partnership with Macfarlanes
Key provisions of AIFMD—depositories

The following Financial Services practice note produced in partnership with Macfarlanes provides comprehensive and up to date legal information covering:

  • Key provisions of AIFMD—depositories
  • EU legislation on AIF depositaries
  • UK implementation
  • Requirement for a depositary
  • Who can act as a depositary in the UK?
  • The functions of a depositary
  • Safekeeping of financial instruments
  • Safekeeping of all other assets
  • Cash monitoring
  • Oversight
  • More...

BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on the impact of Brexit on AIFMs, see Practice Notes: Impact of Brexit on asset managers and investment funds and Impact of Brexit: AIFMD—quick guide.

This Practice Note considers the role of depositaries under the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) and UK implementing measures. It examines the requirement for a depositary under the AIFMD, entities that can act as a depositary in the UK, the functions of depositaries, delegation, liability, the depositary agreement and the EU legislative background to AIFMD depositaries.

EU legislation on AIF depositaries

An alternative investment fund (AIF) is a 'collective investment undertaking' that is not subject to the UCITS regime, and includes hedge funds, private equity funds, retail investment funds, investment companies and real estate funds, among others. The AIFMD (Directive 2011/61/EU) provides a set of common standards applicable across all EU Member States for the activities of alternative investment fund managers (AIFMs). The AIFMD had to be implemented by EU Member States by 22 July 2013 (and the transitional period ended on 22 July 2014). Commission

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