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01 October 2015

ESMA(欧州証券市場機構)、AIFMD(オルタナティブ投資ファンド・マネージャー指令)における預託機関及びCSD(証券集中保管機関)関連条項に関するQ&Aを公表


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This Q&A now clarifies that when an Alternative Investment Fund’s depositary sub-delegates custody of the AIF’s assets to either an EU or third-country central securities depositary, that CSD must comply with the provisions on delegation under Article 21 of the AIFMD.


The purpose of this document is to promote common supervisory approaches and practices in the application of the AIFMD and its implementing measures. It does this by providing responses to questions posed by the general public and competent authorities in relation to the practical application of the AIFMD.

The content of this document is aimed at competent authorities under AIFMD to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by ESMA. However, the answers are also intended to help AIFMs by providing clarity as to the content of the AIFMD rules, rather than creating an extra layer of requirements.

Due to the nature of Q&As, formal consultation on the draft answers is considered unnecessary. However, even if they are not formally consulted on, ESMA may check them with representatives of ESMA’s Securities and Markets Stakeholder Group, the relevant Standing Committees’ Consultative Working Group or, where specific expertise is needed, with other external parties.

Full Q&A



© ESMA


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