EBF has welcomed ESMA's consultation on Level 2 measures under the AIFMD. However, it has a number of concerns. It says it is important to clearly establish that the depositary's oversight duties are performed by ex post controls, and says AIFMD and UCITS requirements on oversight should be consistent. Its view is that, where the word “external” is used, this should be interpreted strictly as everything that is not related to the depositary or any of its affiliates. It says depositaries cannot be made liable for events outside their sphere of control and influence (such as insolvency of sub-custodians). It is concerned depositaries should not have to carry out an act or take a decision that should properly fall on the AIF or AIFM. EBF also comments that there should be no barriers between Member States caused by gold plating. (Source: EBF responds on AIFMD Level 2)