Thomas Murray Data Services spoke to Denise Voss, conducting officer at Franklin Templeton Investments (Luxembourg), about the benefits of the AIFMD passport, whether an AIFMD brand will emerge and whether reverse solicitation will work under AIFMD.

22 July 2014 saw the end of the grandfathering period for AIFMD (the Alternative Investment Fund Managers Directive) and meant that all AIFMs had to be compliant with the directive. One of the central tenets of compliance was the appointment of a single depositary for each fund managed for the purposes of oversight, cash flow monitoring and safekeeping of assets, with the depositary assuming strict liability for losses incurred in the AIFMs counterparty network.

The time, money and effort diverted to re-regulation of the financial services industry since 2008 has dismayed bankers everywhere. But it has caused a special brand of irritation on a continent which made no contribution to the financial crisis, and whose main priority is not to tame excesses but to build capital markets attractive to foreign portfolio investors.

On Thursday 12 February 2015, Dominic Hobson and Roger Fishwick were delighted to be joined by Ian Headon of Northern Trust, Bill Prew of INDOS Financial, Mark Sweeney of Citco and Shane Ralph Ralph of State Street to discuss their experiences, from a depositary perspective, of AIFMD (the Alternative Investment Fund Managers Directive).

MiFID II has come about because MiFID I required a review three years after implementation. A number of consultations resulted in the publication of the final text of MiFID II into the European Journal in June 2014. It consists of two parts:0 a directive, which leaves room for national level; interpretation and a regulation, which does not.