A depositary has an obligation to comply with the asset segregation and delegation rules set out in AIFMD and AIFM-Commission Delegated Regulation. AIFMs, depositaries and national competent authorities have experienced some issues on the interpretation and proper application of these rules. On 3 February 2015, ALFI published its response to the ESMA Consultation Paper - Guidelines on asset segregation under the AIFMD.

Read "Reply form for the Guidelines on asset segregation under the AIFMD" (PDF)