Custody Risk July–September 2013
A question of responsibility
When in 2009 proposals emerged from European legislators to saddle custodians with the responsibility to restore lost assets from non-Ucits collective investment schemes held in their safekeeping, the industry responded with a furious lobbying effort.
But it was to no avail. The alternative investment fund managers directive (AIFMD) retained the contentious requirement in what is probably one of the most hotly debated pieces of financial regulation ever to emerge from the EU – issued by
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