On 15 December 2015, ESMA published an updated questions and answers on the application of the Alternative Investment Fund Managers Directive (AIFMD). ESMA has affirmed that the depositary liability regime applies in respect of assets for which the depositary has look-through requirement obligations under the AIFMD Level 2 Regulation (Article 89 (3) and Article 90 (5)).
Contributed by Patricia Taylor
