ABBL and ALFI Guidelines and Recommendations for Depositaries
ABBL and ALFI Guidelines and Recommendations for Depositaries
ABBL and ALFI Guidelines and Recommendations for Depositaries
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guidelines<strong>ABBL</strong> <strong>and</strong> <strong>ALFI</strong> <strong>Guidelines</strong><strong>and</strong> <strong>Recommendations</strong><strong>for</strong> <strong>Depositaries</strong>Oversight Duties <strong>and</strong> Cash Monitoring<strong>for</strong> AIFsin association with
1 Chapter 15 ManCos under the Law of 2010 or Chapter 16 ManCos (Art. 125 (1)<strong>and</strong> Art 125 (2))under the Law of 2010.2 In this context delegate means any entity to whom the AIF/AIFM has delegated task/functions <strong>and</strong>which are relevant <strong>for</strong> the conduct of depositary obligations set <strong>for</strong>th by AIFMD.8
3 Recital 106 AIFMD-CDR.4 Cf. Art. 92 (1) AIFMD-CDR ; ESMA/2011/379, page 165.5 ESMA/2011/379, page 165.6 Cf. ESMA/2011/379, page 164.9
7 Cf. Art. 92 (3) AIFMD-CDR.8 ESMA/2011/379, page 165.9 For the purpose of this document, we will always use the term “Service Provider” to designate theFund Administrator or the Transfer Agent etc.10 Art. 92 (4) AIFMD-CDR.11 See footnote 8.12 Art 21 (9)(a) AIFMD.10
13 Art. 93 (1) AIFMD-CDR.14 cf. Recital 107 AIFMD-CDR.15 Art. 93 (2) AIFMD-CDR.16 Art. 93 (3) AIFMD-CDR.11
17 ESMA/2011/379, page 166.18 Ibid.19 Art. 21 (9) (b) AIFMD.20 ESMA/2011/379 page 168.21 Recital 108 AIFMD-CDR.12
22 ESMA/2011/379 page 168.23 Art. 94 (3) AIFMD-CDR.24 Art. 94 (4) AIFMD-CDR.25 Art. 21 (9) (c) AIFMD.26 Art. 95 (a) AIFMD-CDR; ESMA 2011/379 page 169.27 Ibid.28 Art. 95 (b) AIFMD-CDR; ESMA 2011/379 page 169. . 29 Recital 109 AIFMD-CDR13
30 Art. 21 (9) (d) AIFMD.31 Art. 96 (1) AIFMD-CDR.32 Art. 96 (2) AIFMD-CDR.33 ESMA/2011/379 page 170.34 Ibid.35 Art 21 (9) (e) AIFMD.14
36 ESMA/2011/379 page 171.37 Ibid ; Recital 110 AIFMD-CDR.38 ESMA/2011/379 page 171.39 ESMA/2011/379 page 153.40 Art 21 (7) AIFMD; see also Recital 37 AIFMD.15
41 Art 21 (7) para 2. AIFMD42 Cf. ESMA/2011/379 page 151.43 Art. 85 (1) AIFMD-CDR.44 Recital 97 AIFMD-CDR.45 ESMA/2011/379 page 151.16
46 Art. 86 AIFMD-CDR.17
47 Recital 98 AIFMD-CDR.48 For the purpose of this document, we will always use the term “Service Provider” to designate theFund Administrator or the Transfer Agent. Trusted external service providers are providers thatmeet sufficient quality, reporting <strong>and</strong> responsiveness criteria.18
49 ESMA/2011/379 page 137.19
50 Cf. CSSF FAQ AIFM, Question 10.c), page 17.51 Cf. CSSF FAQ AIFM, Question 10.d), page 17.20
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52 For further in<strong>for</strong>mation please refer to the <strong>ALFI</strong> <strong>Guidelines</strong> - Islamic funds -Collection of bestpractices <strong>for</strong> setting-up <strong>and</strong> servicing Islamic funds.27
53 Article 21 (8) (a) AIFMD.28
5454 Definition of regulated market pursuant to the law of 13 July 2007 on markets in financialinstruments, as amended: “regulated market” means a multilateral system operated <strong>and</strong>/ormanaged by a market operator, which brings together or facilitates the bringing together ofmultiple third-party buying <strong>and</strong> selling interests in financial instruments – in the system <strong>and</strong> inaccordance with its non-discretionary rules - in a way that results in a contract, in respect of thefinancial instruments admitted to trading under its rules or systems, <strong>and</strong> which is authorised <strong>and</strong>functions regularly <strong>and</strong> in accordance with the provisions of Title III of the 2004/39/EC Directive. InLuxembourg, such systems are recorded in the official table of regulated markets held by theCommission pursuant to Article 16. In the other Member States, such systems are recorded on a listcompiled by the European Commission pursuant to Article 47 of the 2004/39/EC Directive. In thirdcountries, such systems are authorised <strong>and</strong>/or supervised by a public authority <strong>and</strong> functionregularly <strong>and</strong> in accordance with provisions equivalent to those stated in Chapter 1 of this Title.30
55 See alfi.lu <strong>ALFI</strong> Real Estate best practice recommendations.34
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ooooo•o56 This section refers to two possible models. It should be note that each Model needs to beamended to the specific set up, requirements <strong>and</strong> circumstances. Other models than the onesdescribed above are possible as well.38
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July 2013© <strong>ALFI</strong>. All rights reserved.For any further in<strong>for</strong>mation about this brochure address your requests to the following e-mail addresses:alex<strong>and</strong>er.fischer@alfi.lu or sauvage@abbl.lu.<strong>ABBL</strong> <strong>and</strong> <strong>ALFI</strong> <strong>Guidelines</strong> <strong>and</strong> <strong>Recommendations</strong><strong>for</strong> <strong>Depositaries</strong> - Oversight Duties <strong>and</strong> Cash Monitoring<strong>for</strong> AIFsguidelines48
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