AIFMD – Consultation Paper
‘Guidelines on asset aggregation under the AIFMD’
On 1 December 2014 ESMA issued a Consultation Paper on ‘Guidelines on asset segregation under the AIFMD’.
It outlines two alternative proposals for possible guidelines regarding asset segregation when the depositary of an AIF delegates its safe-keeping duties.
- The account on which the AIF’s assets are to be kept by a delegated third party depositary may only comprise assets of the AIF and assets of other AIFs of the same delegating depositary. Assets of AIFs of other depositaries would be considered as assets of the third party’s “other clients” for the purpose of the Level 2 Regulation.
- The delegated third party holding assets for multiple depositary clients would not be required to have separate accounts for the AIF assets of each of the delegating depositaries. (For an illustration, see appendix 1&2).
The consultation closes on 30 January 2015, following which ESMA will consider the feedback it receives with a view to finalising the guidelines and publishing a final report in Q2 2015.