SGSS Ireland launches "Depository Lite" 29 April 2014Dublin Reporter: Stephen Durham
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Societe Generale Securities Services (SGSS) Ireland has launched a “Depositary Lite” service offering to support European and non-European asset managers in meeting the requirements of the Alternative Investment Fund Managers Directive (AIFMD).
The AIFMD sets out a number of regulatory requirements which need to be met by alternative investment funds marketed in the European Economic Area (EEA).
All EEA alternative investment fund managers that market non-EEA alternative investment funds to professional investors in EEA countries using national private placement regimes, must comply with “Depositary Lite”, which requires that one or more external entities are appointed to carry out cash flow monitoring, safekeeping of assets and oversight duties.
In addition, some EEA countries, such as Germany, France and Denmark, have applied similar conditions for non-EEA fund managers that market non-EEA alternative investment funds in their country.
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