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