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  1. Point in time
    2015-10-26

PERG 16.4 Acting as a depositary of an AIF

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Question 4.1: What does acting as a depositary of an AIF involve?

Acting as:

(1) the depositary of an AIF managed by a full-scope UK AIFM; or

(2) the depositary of a UK AIF managed by an EEA AIFM; or

(3) the depositary of any other AIF, if the FCA or an authority in another EEA State has permitted a person with its registered office or a branch in the UK to be appointed as a depositary of that AIF under article 61.5 of AIFMD; or

(4) the trustee of an AIF that is an authorised unit trust scheme but is not an AIF to which (1) to (3) apply; or

(5) the depositary of an AIF that is an open-ended investment company or authorised contractual scheme but is not an AIF to which (1) to (3) apply.

(3) only applies until 22 July 2017.

Question 4.2: What does depositary mean?

For the purposes of paragraphs (1) to (3) of the answer to Question 4.1, depositary means:

(1) a person appointed in compliance with the requirement for the AIFM to appoint a depositary in article 21.1 of AIFMD; or

(2) an Article 36 custodian as defined in regulation 57(5)(a) of the AIFMD UK Regulation.

For the purpose of paragraph (5) of the answer to Question 4.1, depositary has the meaning in section 237 of the Act.

Question 4.3: The AIFMD allows the depositary to delegate some functions to a third party. Is that third party acting as the depositary of an AIF?

No. Article 21 of AIFMD envisages that a depositary remains the sole depositary even if, in accordance with that article, it delegates certain of its functions.