EBF's main concerns mirror those of AIMA. It supports consistency in rules governing depositaries but sees no reason for UCITS requirements to be more onerous than those under AIFMD. It also says depositaries should not have to work out how insolvency rules in jurisdictions where they appoint delegates would apply. Further, it says the role of the depositary is to ensure the manager does not breach fund investment limits on a post-trade basis. It should be clear that, as long as a depositary has properly performed its oversight duties, it should not be liable for a breach by the manager that results in a loss in value of assets. (Source: EBF Position on UCITS V)