Depositary requirements for AIF accounting
Every day, we see numerous references in both financial and non-financial media to the evolving regulations surrounding Alternative Investment Funds (AIFs). With the increasing stringency of these regulations, particularly concerning depositary responsibilities, it is crucial for financial professionals to stay informed and compliant.
Effectively managing and overseeing AIFs requires a deep understanding of the current laws and regulations, alongside the continuous professional obligations of depositaries. The rising regulatory demands can leave management and employees feeling overwhelmed, making it challenging to fulfill their duties without clear, structured guidance.
PwC Academy is dedicated to helping you navigate these complexities by offering a course focused on the depositary requirements for AIF accounting in Luxembourg. This course aims to address your specific needs comprehensively and practically, answering the questions you and your team face concerning your mandatory professional duties and the ongoing evolution of AIF regulations.
Drawing on our extensive expertise in the financial sector, we provide training designed to enhance your understanding of depositary requirements and best practices. Our goal is to ensure you are well-prepared to manage the intricacies of AIF accounting and maintain compliance with Luxembourg’s regulatory framework.
This module is part of our Fund accounting curriculum.
Duration: 2h
Language: Available in English.
Number of participants: up to 15
Available as intra-company course (i.e. dedicated session on demand)
Course content can be customised on demand under specific conditions.
Objectives
Our training is focused on:
- addressing legal requirements specific to depositary duties for AIF accounting;
- incorporating the latest legal and regulatory updates at European and Luxembourg levels, including the most crucial Directive 2011/61/EU (AIFM Directive), Law of 12 July 2013, Commission Delegated Regulation 231/2013 (AIFMD L2), CSSF circulars 18/697 and 22/811;
- providing concrete examples drawn from industry news and the professional experience of our speakers;
- offering a pragmatic approach to tailoring depositary duties based on your organisation’s activities and size;
- highlighting the importance of the depositary’s due diligence exercises on the fund accounting function, advising participants on areas requiring particular attention, and outlining their responsibilities within the operating memorandum.
By the end of this training, participants will be able to:
- identify the impacts of new regulatory requirements, specifically CSSF Circulars 18/697 and 22/811, on their organisation;
- implement and apply a risk-based approach to depositary duties;
- extend Luxembourg-specific procedures to an international group context;
- clearly explain relevant regulations to other employees and outline the possible consequences of negligence or non-compliance;
- develop an internal framework for depositary duties in line with regulatory requirements;
- create an internal assessment procedure for depositary compliance.
Content
- Development of essential definitions
- Overview of the recent regulatory environment at Luxembourg, at European and international levels
- Presentation of the depositary duties and obligations
- Presentation of the depositary relationship framework with other parties and information exchange to perform its duties
- Focus on due diligence aspects of the fund administrator and expected control framework to put in place depending on risk level assessment (e.g. ongoing monitoring)
Target audience
- Professionals of the financial sector
- Member of boards of fund administration service providers
- Employees with fund accounting functions within fund administration services or management companies of a Luxembourg UCIs
- Internal auditors, compliance officers or risk managers
- Domiciliary agents
- Persons in charge of a PFS
- Front office team members of a PFS
Our lead experts
This training is coordinated by Frédéric Vonner, Partner, and Pierre-Jean Eck, Director, at PwC Luxembourg.
Frédéric Vonner is a partner with over 22 years of experience managing projects and advising asset managers and securities service providers in the investment fund industry, primarily in Luxembourg. He specialises in operational excellence and regulatory compliance for UCITS and alternative funds, with a strong focus on sustainability and sustainable finance, covering strategy, compliance, and implementation. Frédéric is also an experienced trainer and course facilitator for both soft skills and technical topics. He actively contributes to ALFI and EFAMA working groups and has led numerous client projects including sustainable finance assessments, UCITS V and AIFMD implementations, depositary and GDPR assessments, fund administration reviews, and service provider rationalisation.
Pierre-Jean Eck is a director in the Regulatory and Compliance Advisory Services department at PwC Luxembourg, specialising in the investment fund and banking sectors. He supports clients across the Luxembourg financial industry from a regulatory standpoint, leveraging extensive expertise in regulatory change projects, including Target Operating Model Design, delegation set-up, licence extensions, and M&A regulatory due diligence. His expertise covers compliance functions, depository banks, project management, and key regulations such as CSSF circulars 18/697 and 18/698, MiFID II/MiFIR, EMIR, and SRD II. He has led significant client projects in banking, asset management, compliance function support, and digital compliance monitoring solutions.
