New IFIA Guidance Paper on AIFMD Depositary Duties
The Depositary Committee of the IFIA recently undertook a review
of the existing IFIA Guidance Paper 3 called Trustee Duties. It
published a supplementary Guidance Paper 3A (AIFMD Depositary
Duties) on 21 October 2013 to reflect the new obligations on
depositaries post- AIFMD. This client briefing provides a short
summary of the details contained in the new Guidance Paper.
By way of background, Guidance Paper 3A outlines that an
alternative investment fund manager or, in the case of an
internally-managed alternative investment fund ("AIF")
its board of directors, (each an "AIFM"), has the primary
responsibility for ensuring that an AIF is managed in accordance
with its constitutional documents and AIFMD. Under AIFMD, an AIFM
must ensure that a single depositary is appointed in respect of
each AIF it manages. The depositary is independent of the AIFM and
has an oversight responsibility in that it must assess whether
