Each Luxembourg-domiciled undertaking for collective investment (UCI) must appoint a single depositary from among the eligible Luxembourg entities, or Luxembourg branches of eligible entities established in the European Union, to act as depositary for the UCITS or AIF in question. To be eligible, entities such as credit institutions, investment firms and professional depositaries of assets other than financial instruments (PDAOFIs) are required to obtain an administrative uthorisation from the Luxembourg regulator, the CSSF.
Since the release of CSSF Circulars 16/644 and 18/697, which clarify and expound on the depositary information contained in the Luxembourg UCITS and AIFM laws, and in the UCITS V and AIFMD level 2 regulations,
depositaries must act independently and in the best interests of UCI investors. They do this by complying with organisational and good-practice requirements when performing their depositary duties, such as the safekeeping of assets, alongside a number of oversight duties and monitoring the cash flows of the UCIs for which they act as depositary.
Discover our depositary assistance offered by our regulatory consulting expertise, Arendt Regulatory & Consulting (ARC).
Table of contents of the brochure:
Depositaries in Luxembourg
Need for reorganisation
Depositary assistance offered
"A la carte" services
For more information, contact us at DepositariesARC@arendt.com