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.
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?