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ESMA PUBLISHES UPDATED AIFMD AND UCITS Q&AS

04 June 2019

The European Securities and Markets Authority (ESMA) has published updated questions and answers documents (Q&A) on the application of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive.

The Q&As relate to the following:

  • distinction between depositary functions and mere supporting tasks that are not subject to the delegation requirements set out in the AIFMD and UCITS Directive;
  • delegation of safekeeping functions;
  • performance of depositary functions where there are branches in other Member States;
  • supervision of depositary functions in case of branches in other Member States; and
  • delegation of depositary functions to another legal entity within the same group.

The purpose of these Q&A documents is to promote common supervisory approaches and practices in relation to both the AIFMD and the UCITS Directive and their implementing measures.

ESMA will periodically review these Q&A and update them where required.