The European Securities and Markets Authority has published an updated version of its Q&A document on the application of the Alternative Investment Fund Managers Directive (AIFMD).

The Q&A document now clarifies that when an alternative investment fund’s (AIF) depositary sub-delegates custody of the AIF’s assets to either an EU or third-country central securities depositary (CSD), that CSD must comply with the provisions on delegation under Article 21(11) of the AIFMD.

View ESMA clarifies AIFMD provisions on depositaries and CSDs, 1 October 2015