!css

Clarification on safekeeping duties of fund depositaries

25/09/2018

On July 12, 2018, the European Commission adopted revisions to the Delegated Regulations on the safekeeping duties of depositaries under both the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities Directive (UCITS).

On July 12, 2018, the European Commission adopted revisions to the Delegated Regulations on the safekeeping duties of depositaries under both the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities Directive (UCITS). The Commission has made certain changes to the text to improve the clarity of the requirements without introducing any further substantive changes. Some aspects have been specified as:

  • The minimum content of contracts between depositories and the parties to whom custody has been delegated and clarification of rules regarding sub-delegation
  • Asset segregations rules applicable to custodians, in particular the separation of omnibus accounts and the custodian’s own assets
  • Introduction of a requirement to seek legal advice from an independent party regarding the applicable foreign insolvency laws if custody of assets is delegated to an entity outside the EU

The new rules will be applicable as of spring 2020, unless the European Parliament or the European Council raise objections.

Ti è piaciuto questo articolo ?
+1
0