The European Securities and Markets Authority has published updated questions-and-answer documents regarding the application of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive.

The Q&As relate to the following: (i) the distinction between depositary functions and mere supporting tasks that are not subject to the delegation requirements set out in the AIFMD and UCITS Directive; (ii) the delegation of safekeeping functions; (iii) the performance of depositary functions in cases where there are branches in other EU member-states; (iv) the supervision of depositary functions in case of branches in other member-states; and (iv) the delegation of depositary functions by one legal entity in a group to another.