ESMA clarifies AIFMD provisions on depositaries and CSDs


The European Securities and Markets Authority (ESMA) has published its updated Questions and Answers document (Q&A) for the Alternative Investment Funds Management Directive (AIFMD) in relation to depositaries.

The Q&A now clarifies that when an Alternative Investment Fund’s (AIF) depositary sub-delegates custody of the AIF’s assets to either an EU or third-country central securities depositary (CSD), that CSD must comply with the provisions on delegation under Article 21(11) of the AIFMD.

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