James Tinworth, Partner
Stephenson Harwood LLP, London
While there are many challenges posed by the EU’s directive on alternative investment fund managers (AIFMD), the ones that everyone seems to focus on are those regarding the AIFMD’s depositary requirements. This note looks at these requirements in more detail and considers the extent to which they are relevant to EU managers of non-EU AIFs and non-EU managers of AIFs.
EU managers of EU AIFs (from July 2013)
For each EU AIF it manages, the AIFM shall ensure that a single depositary is appointed in accordance with Article 21 of the AIFMD.