TAILIEUCHUNG - NAVIGATING THE POST-AIFM DIRECTIVE CHALLENGES AND OPPORTUNITIES FOR DEPOSITARIES

Voted by the European Parliament in November 2010, the AIFM Directive covers all alternative sectors such as hedge funds, real estate and private equity, as well as traditional sectors where the fund products are not registered as AIF products are generally reserved for professional investors, but may also be marketed to retail investors. Today, investors access alternative investment products primarily through national private placement channels; for European investors and products, the AIFM marketing regime will replace these. The AIFM marketing regime is a complex set of rules covering the marketing of AIFs to EU investors by, or on behalf of, EU. | Contents Introduction 1 1. AIFM Directive depositary requirements 2 Duties of the depositary 3 Eligible entities 5 An extensive liability regime 6 2. Practical considerations Conclusion How Ernst Young can help Delegation . Business impacts Evolving client base Restructuring in the depositary market . Organizational and operational impacts Infrastructure Relationship with other service providers Custody and sub-custody network Hub and spoke operating model Risk management Enhanced service offering and value proposition 7 10 10 10 10 11 11 13 13 14 14 15 16 17 Introduction The Alternative Investment Fund Managers Directive lays down requirements that Alternative Investment Fund Managers AIFMs are required to comply with from 2013. The Directive s impacts however go well beyond compliance and could lead to significant restructuring in the alternatives sector both in Europe and internationally. While the main focus of the AIFM Directive is on managers of alternative funds the Directive will also impact European Union EU and non-EU domiciled Alternative Investment Funds AIFs and their service providers. Service providers need to assess the strategic impact of the Directive on their service offering and operating models and consider how to prepare for the new opportunities and obligations but also risks it introduces. This briefing focuses on the impact of the Directive on depositaries. Navigating the post-AIFM Directive challenges and opportunities for depositaries

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