Under the Alternative Investment Fund Managers Directive ("AIFMD"), European alternative investment fund managers ("EU AIFMS") marketing to non-European alternative investment funds ("non EU AIFs") to European investors under private placement regimes are required to comply with new depository obligations.
EU AIFMs must appoint one or more entity to perform certain depositary duties. Non-EU AIFMs managing non-EU AIFs are not required to appoint a depositary under AIFMD. However, some EU-member states are imposing stricter rules in order to market in their jurisdiction and requiring the appointment of an entity to perform Depo-Lite services.
MaplesFS provides a flexible Depo-Lite solution, which can include any combination or all of the three functions:
- Cashflow monitoring: oversight and reconciliation, review of significant transactions and monitoring discrepancies;
- Safe-keeping: holding of certain assets in custody, verification of ownership and maintenance of asset register; and
- Oversight: review of fund’s rules and procedural documentation, ensure compliance with fund’s rules revaluation, subs/reds, investment policies and monitoring of delegates.