Societe Generale Securities Services (SGSS) Ireland has unveiled new service offering, called Depositary Lite, to support European and non-European asset managers comply with the AIFMD requirements.
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).
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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. ??
The "Depositary Lite" service is available as part of the overall SGSS securities services offering as well as on a standalone basis. ??
This service complements the complete SGSS AIFMD reporting package for asset managers and their funds.
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