On 4 June 2019, EU ESMA issued updated FAQs on the UCITS and AIFM directives.
- Updates relate to following: delegation of safekeeping functions (AIFMD Q10-14).
- Distinction between depositary functions, and mere supporting tasks which are not subject to the delegation requirement set out in UCITS/AIFM directives (UCITS Q2).
- Performance of depositary functions where branches in other Member States (Q4).
- Supervision of depositary functions in case of branches in other Member States (Q5).
- Delegation of depositary functions to another legal entity within same group (Q6).