Training Session

Apr 25, 2023
9:00 AM


Apr 25, 2023
3:00 PM
Where ?
Arendt House
41 Avenue John F. Kennedy
L-2082 Luxembourg-Kirchberg
Who ?


This training aims at explaining to participants the duties and liabilities, both from a legal and regulatory perspective, of a Luxembourg depositary of investment funds in different contexts - AIFMD and UCITS V – and taking into consideration the specificities of different Luxembourg fund vehicles (SIF, Sicar, Part II, etc.).

Participants will be provided with a detailed overview of the applicable rules. Whenever possible, practical and operating aspects will be discussed with a view to raising the awareness of participants from different backgrounds with respect to best market practices.


Depositary legal framework

  • Legal duties/obligations deriving from AIFMD and CSSF Circular 18/697, including changes introduced by Commission Delegated Regulations 2018/1618
  • Legal duties/obligations deriving from UCITS V and CSSF Circular 16/644, including changes introduced by Commission Delegated Regulations 2018/1619
  • Latest legal and regulatory updates

Governance and duties of a depositary

  • Appointment and role of the depositary
  • Organisation of a depositary, including information flow and escalation
  • Liability regimes
  • Duties of the depositary:
    • Safekeeping of assets (i.e. assets held in custody vs. other assets such as financial derivative instruments, PE and target funds)
    • Delegation of depositary duties and look-through aspects
    • Cash monitoring and controls
    • Oversight duties and controls


Nicola Losito (Director, Arendt Regulatory & Consulting)

An associate of Investment Management, Arendt & Medernach will co-animate.

Target Group

Professionals in charge of business, legal and operational matters inherent to depositary activities or professionals in charge of investment support, investment structuring or legal matters within UCITS and AIF and / or their management companies.


6 hours (including a lunch break)






For more information please contact us by e-mail at

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Nicola Losito

Nicola Losito is a Director at Arendt Regulatory & Consulting. Nicola started his career in 2000 spending almost 15 years within the UBI Banca Group where he acquired a business and IT expertise in the private and corporate banking by delivering operational and regulatory projects. He also managed the operations securities unit and took the lead of the organization department. Since his arrival at ARC in 2015, Nicola has been particularly involved in the licensing of Luxembourg regulated entities active in the asset servicing business. Specialized in depositary matters, he supports clients in complying with their daily obligations and regulatory duties and provides ad-hoc support such as CSS...

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