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ABBL and ALFI Guidelines and Recommendations for Depositaries
Oversight Duties and Cash Monitoring for AIFs
guidelines
in association with
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1 Chapter 15 ManCos under the Law of 2010 or Chapter 16 ManCos (Art. 125 (1)and Art 125 (2))
under the Law of 2010. 2 In this context delegate means any entity to whom the AIF/AIFM has delegated task/functions and
which are relevant for the conduct of depositary obligations set forth by AIFMD.
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3 Recital 106 AIFMD-CDR.
4 Cf. Art. 92 (1) AIFMD-CDR ; ESMA/2011/379, page 165.
5 ESMA/2011/379, page 165.
6 Cf. ESMA/2011/379, page 164.
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7 Cf. Art. 92 (3) AIFMD-CDR.
8 ESMA/2011/379, page 165.
9 For the purpose of this document, we will always use the term “Service Provider” to designate the
Fund Administrator or the Transfer Agent etc. 10
Art. 92 (4) AIFMD-CDR. 11
See footnote 8. 12
Art 21 (9)(a) AIFMD.
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Art. 93 (1) AIFMD-CDR. 14
cf. Recital 107 AIFMD-CDR. 15
Art. 93 (2) AIFMD-CDR. 16
Art. 93 (3) AIFMD-CDR.
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ESMA/2011/379, page 166. 18
Ibid. 19
Art. 21 (9) (b) AIFMD. 20
ESMA/2011/379 page 168. 21
Recital 108 AIFMD-CDR.
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ESMA/2011/379 page 168. 23
Art. 94 (3) AIFMD-CDR. 24
Art. 94 (4) AIFMD-CDR. 25
Art. 21 (9) (c) AIFMD. 26
Art. 95 (a) AIFMD-CDR; ESMA 2011/379 page 169. 27
Ibid. 28
Art. 95 (b) AIFMD-CDR; ESMA 2011/379 page 169. . 29
Recital 109 AIFMD-CDR
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Art. 21 (9) (d) AIFMD. 31
Art. 96 (1) AIFMD-CDR. 32
Art. 96 (2) AIFMD-CDR. 33
ESMA/2011/379 page 170. 34
Ibid. 35
Art 21 (9) (e) AIFMD.
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ESMA/2011/379 page 171. 37
Ibid ; Recital 110 AIFMD-CDR. 38
ESMA/2011/379 page 171. 39
ESMA/2011/379 page 153. 40
Art 21 (7) AIFMD; see also Recital 37 AIFMD.
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Art 21 (7) para 2. AIFMD 42
Cf. ESMA/2011/379 page 151. 43
Art. 85 (1) AIFMD-CDR. 44
Recital 97 AIFMD-CDR. 45
ESMA/2011/379 page 151.
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Art. 86 AIFMD-CDR.
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Recital 98 AIFMD-CDR. 48
For the purpose of this document, we will always use the term “Service Provider” to designate the Fund Administrator or the Transfer Agent. Trusted external service providers are providers that meet sufficient quality, reporting and responsiveness criteria.
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ESMA/2011/379 page 137.
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Cf. CSSF FAQ AIFM, Question 10.c), page 17. 51
Cf. CSSF FAQ AIFM, Question 10.d), page 17.
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For further information please refer to the ALFI Guidelines - Islamic funds -Collection of best practices for setting-up and servicing Islamic funds.
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Article 21 (8) (a) AIFMD.
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Definition of regulated market pursuant to the law of 13 July 2007 on markets in financial instruments, as amended: “regulated market” means a multilateral system operated and/or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments – in the system and in accordance with its non-discretionary rules - in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules or systems, and which is authorised and functions regularly and in accordance with the provisions of Title III of the 2004/39/EC Directive. In Luxembourg, such systems are recorded in the official table of regulated markets held by the Commission pursuant to Article 16. In the other Member States, such systems are recorded on a list compiled by the European Commission pursuant to Article 47 of the 2004/39/EC Directive. In third countries, such systems are authorised and/or supervised by a public authority and function regularly and in accordance with provisions equivalent to those stated in Chapter 1 of this Title.
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See alfi.lu ALFI Real Estate best practice recommendations.
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This section refers to two possible models. It should be note that each Model needs to be amended to the specific set up, requirements and circumstances. Other models than the ones described above are possible as well.
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ABBL and ALFI Guidelines and Recommendations for Depositaries - Oversight Duties and Cash Monitoring for AIFs
guidelines
July 2013 © ALFI. All rights reserved.
For any further information about this brochure address your requests to the following e-mail addresses: [email protected] or [email protected].
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