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ARTICLE · 23 DECEMBER 2022

ESMA Q&As On UCITS And AIFM: Update

ELVINGER HOSS PRUSSEN, société anonyme
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On 20 July 2022, ESMA published an updated version of its Q&A on the application of the UCITS Directive and its Q&A on the application of the AIFMD including two new questions on depositaries...

LuxembourgFinance and Banking
Elvinger Hoss Prussen
Elvinger Hoss Prussen

1. Depositaries and Delegation under UCITS and AIFMD

On 20 July 2022, ESMA published an updated version of its Q&A on the application of the UCITS Directive and its Q&A on the application of the AIFMD including two new questions on depositaries and one new question on delegation. The issues (and responses) dealt with are identical in respect of both the AIFMD and UCITS.

  • Depositaries

In the two questions on the depositaries, the ESMA gives further clarifications regarding (i) the reconciliation frequency of the depositary's accounts and records and those of its delegates and (ii) the reconciliation frequency and process requirements where the safekeeping of the assets has been delegated to a tri-party collateral manager.

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