AIFMD II 101: Part 4 – Impact On Depositary And Third Country Rules

key takeaways

• This fourth instalment of our AIFMD II 101 series focuses on changes to the provision of custody and depositary services and third country rules introduced under AIFMD II.
• AIFMD II provides for the cross-border provision of AIF depositary services under strict conditions, as well as providing important clarifications around the treatment of CSDs in the custody chain.
• We also outline the changes AIFMD II will make to the criteria and requirements governing third-country entities' market access to the EU under national private placement regimes.

On 15 April 2024, Directive 2024/927/EU amending AIFMD (2011/61/EU) ("AIFMD") and the UCITS Directive (2009/65/EC) as regards delegation arrangements, liquidity risk management, supervisory reporting, the provision of depositary and custody services and loan origination by alternative investment funds ("AIFMD II") entered into force. The entry into force of AIFMD II marks a significant milestone for