Clarification Of The Scope Of The UCITS And AIFMD Depositary Regimes
A significant number of so-called Part II UCIs may remain within the scope of the AIFMD depositary regime. Luxembourg's Parliament (Chambre des Députés) has voted yesterday to amend the respective legislation to this effect. This amendment clarifies the scope of the UCITS- like and the AIFMD depositary regimes in Luxembourg for these funds.
In general, all Part II UCIs should fall within the scope of the AIFMD depositary regime upon entry into force of the voted amendments, provided they adapt their marketing strategy. The extent of the application of the AIFMD depositary regime will depend on whether or not the alternative investment fund manager of such Part II UCI is considered to be a sub-threshold alternative investment fund manager or whether the alternative investment fund manager is located in a third country. Only Part II UCIs which are distributed to retail investors in Luxembourg will fall within the scope of the more stringent UCITS-like depositary regime. To ensure that a Part II UCI falls within the scope of the AIFMD depositary regime, these funds are required to include in their sales documentation information stating that they are prohibiting...
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