ESMA_QA_660
31/01/2023
Subject Matter
Depositaries - tri-party collateral manager
Original question
Question 16 [last update 20 July 2022]: According to Article 89(1)(c) of Commission
Delegated Regulation (EU) No 231/2013 as modified by Commission Delegated Regulation
(EU) 2018/1618 and Article 13(1)(c) of Commission Delegated Regulation (EU) 2016/438 as
modified by Commission Delegated Regulation (EU) 2018/1619 reconciliations are conducted
as frequently as necessary between the depositary’s internal accounts and records and those
of any third party to whom safekeeping has been delegated. What does this mean in case of
use of a tri-party collateral manager, which is not the depositary?
Delegated Regulation (EU) No 231/2013 as modified by Commission Delegated Regulation
(EU) 2018/1618 and Article 13(1)(c) of Commission Delegated Regulation (EU) 2016/438 as
modified by Commission Delegated Regulation (EU) 2018/1619 reconciliations are conducted
as frequently as necessary between the depositary’s internal accounts and records and those
of any third party to whom safekeeping has been delegated. What does this mean in case of
use of a tri-party collateral manager, which is not the depositary?
Status: Question Published
Additional Information
Level 1 Regulation
Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU
Level 2 Regulation
AIFMD - Regulation 231/2013 with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision
Topic
Depositaries