Jurisdiction(s):
European Union

EU AIFMD depositaries: appointment, functions, delegation, liability, depositary agreements, cross-border services and AIFMD II reforms

Published by a LexisNexis EU Law expert

Practice notes

This Practice Note reviews the role of depositaries under the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) and their duties for asset safekeeping, cash flow monitoring and oversight of alternative investment funds (AIFs). It outlines the AIFMD’s depositary obligations, who may act as depositary, their responsibilities, issues around delegation and liability, the depositary agreement, and the reforms to depositary services introduced by Directive (EU) 2024/927 (AIFMD II), which must be applied by Member States from 16 April 2026.

What is the AIFMD?

The AIFMD (Directive 2011/61/EU) took effect in EU Member States on 22 July 2013 and governs the management, administration and marketing of AIFs throughout the EU. As implemented, it applies to all EU alternative investment fund managers (AIFMs) managing one or more AIFs, whether those AIFs are established in the EU or outside the EU. The AIFMD, as implemented in EU Member States, also applies to:

non-EU AIFMs who manage EU AIFs, and
(in part) non-EU AIFMs who actively market AIFs in the EU

For general information on how the AIFMD applies, see Investment funds, asset management, and benchmarks (EU Law)—overview and Practice Note: EU AIFMD—essentials...

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Web page updated on 21/05/2026

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