{"id":44063,"date":"2017-08-01T10:07:53","date_gmt":"2017-08-01T08:07:53","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/alternative-depositary-for-private-equity-funds\/"},"modified":"2017-08-01T10:07:53","modified_gmt":"2017-08-01T08:07:53","slug":"alternative-depository-for-private-equity-funds","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/alternative-depository-for-private-equity-funds\/","title":{"rendered":"Alternative depositary for private equity funds"},"content":{"rendered":"<p><strong>Dr. Chris\u00adtoph Ludwig<\/strong> \u2014 Tax Consul\u00adtant and Part\u00adner BLL Braun Leber\u00adfin\u00adger Ludwig, Munich<\/p>\n<p> <strong> Thomas Unger<\/strong> \u2014 tax advi\u00adsor, audi\u00adtor and part\u00adner at BLL Braun Leber\u00adfin\u00adger Ludwig, Munich and mana\u00adging direc\u00adtor of Private Equity Verwahr\u00adstelle GmbH Munich<\/p>\n","protected":false},"excerpt":{"rendered":"<p><strong>With the intro\u00adduc\u00adtion of the German Invest\u00adment Code (Kapi\u00adtal\u00adan\u00adla\u00adge\u00adge\u00adsetz\u00adbuch, herein\u00adaf\u00adter KAGB) in the context of the imple\u00admen\u00adta\u00adtion of the Alter\u00adna\u00adtive Invest\u00adment Fund Mana\u00adger Direc\u00adtive (herein\u00adaf\u00adter AIFMD), the legis\u00adla\u00adtor has, in the inte\u00adrest of inves\u00adtor protec\u00adtion, also crea\u00adted a further regu\u00adla\u00adtory insti\u00adtu\u00adtion for private equity funds, the (alter\u00adna\u00adtive) depo\u00adsi\u00adtary pursu\u00adant to \u00a7 80ff&nbsp;KAGB.<\/strong><\/p>\n<p>The depo\u00adsi\u00adtary is assi\u00adgned a special role, as it is alre\u00adady directly invol\u00adved as a super\u00advi\u00adsory vehicle in the ongo\u00ading busi\u00adness proces\u00adses of the rele\u00advant alter\u00adna\u00adtive invest\u00adment fund (herein\u00adaf\u00adter AIF) or the AIF capi\u00adtal manage\u00adment company (herein\u00adaf\u00adter KVG), whereas the Fede\u00adral Finan\u00adcial Super\u00advi\u00adsory Autho\u00adrity (herein\u00adaf\u00adter BaFin) and, if appli\u00adca\u00adble, the appoin\u00adted audi\u00adtor can only perform their super\u00advi\u00adsory func\u00adtions signi\u00adfi\u00adcantly down\u00adstream in terms of&nbsp;time.<\/p>\n<p>The imple\u00admen\u00adta\u00adtion of the depo\u00adsi\u00adtary also for alter\u00adna\u00adtive asset clas\u00adses has its origin in the adop\u00adtion of the AIFM Direc\u00adtive in 2011, which, in addi\u00adtion to other exten\u00adsive regu\u00adla\u00adtory and admi\u00adnis\u00adtra\u00adtive requi\u00adre\u00adments, also speci\u00adfies the prin\u00adci\u00adples of the depo\u00adsi\u00adta\u00adry\u2019s tasks. The subse\u00adquent Level II Regu\u00adla\u00adtion then speci\u00adfied the duties of the depo\u00adsi\u00adtary and the contrac\u00adtual rela\u00adti\u00adonship between the German IMI and the depo\u00adsi\u00adtary. The depo\u00adsi\u00adtary finally acqui\u00adred a binding legal charac\u00adter with the intro\u00adduc\u00adtion of the KAGB in 2013, which, toge\u00adther with the Level II Regu\u00adla\u00adtion, forms the legal frame\u00adwork with regard to the depo\u00adsi\u00adta\u00adry\u2019s tasks and duties.<\/p>\n<p>The legal frame\u00adwork for the depo\u00adsi\u00adtary at EU and German level is ther\u00ade\u00adfore as follows:<\/p>\n<p>For alter\u00adna\u00adtive asset clas\u00adses such as Private equity funds (herein\u00adaf\u00adter refer\u00adred to as \u201cPE funds\u201d) that do not acquire and manage typi\u00adcal assets that can be held in cust\u00adody, the legis\u00adla\u00adtor has provi\u00added for a trus\u00adtee in the form of a trus\u00adtee pursu\u00adant to Section 80 para. 3 KAGB crea\u00adted a so-called \u201calter\u00adna\u00adtive depo\u00adsi\u00adtary\u201d, which can be a cons\u00adtruc\u00adtive and reasonable alter\u00adna\u00adtive to a clas\u00adsic custo\u00addian bank solu\u00adtion for the respon\u00adsi\u00adble bodies of the&nbsp;KVG.<\/p>\n<p>The trus\u00adtee, typi\u00adcally an audi\u00adtor, tax advi\u00adsor or lawyer, performs the duties of a depo\u00adsi\u00adtary in the course of his or her profes\u00adsio\u00adnal or busi\u00adness acti\u00advi\u00adties. In a letter dated July 18, 2013, BaFin issued a more speci\u00adfic state\u00adment in this regard in a \u201cMerk\u00adblatt zu den Anfor\u00adde\u00adrun\u00adgen an Treu\u00adh\u00e4n\u00adder als Verwahr\u00adstelle nach \u00a7 80 Absatz 3&nbsp;KAGB.\u201d<\/p>\n","protected":false},"featured_media":18969,"comment_status":"closed","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2454,2464,2550],"product_tag":[1398,1892,1899,1903,1910,1929,2336,2342],"class_list":{"0":"post-44063","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-dr-christoph-ludwig","8":"product_cat-thomas-unger-en","9":"product_cat-fyb-2015","10":"product_tag-private-equity-funds","11":"product_tag-ludwig-en","12":"product_tag-christoph-en","13":"product_tag-unger-en","14":"product_tag-thomas-en","15":"product_tag-german-investment-code","16":"product_tag-depository","17":"product_tag-asset-classes","18":"pa_sprache-english-3","19":"pa_sprache-german","21":"first","22":"outofstock","23":"taxable","24":"shipping-taxable","25":"purchasable","26":"product-type-variable"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Alternative depositary for private equity funds - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/alternative-depository-for-private-equity-funds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alternative depositary for private equity funds - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"With the introduction of the German Investment Code (Kapitalanlagegesetzbuch, hereinafter KAGB) in the context of the implementation of the Alternative Investment Fund Manager Directive (hereinafter AIFMD), the legislator has, in the interest of investor protection, also created a further regulatory institution for private equity funds, the (alternative) depositary pursuant to \u00a7 80ff KAGB. The depositary is assigned a special role, as it is already directly involved as a supervisory vehicle in the ongoing business processes of the relevant alternative investment fund (hereinafter AIF) or the AIF capital management company (hereinafter KVG), whereas the Federal Financial Supervisory Authority (hereinafter BaFin) and, if applicable, the appointed auditor can only perform their supervisory functions significantly downstream in terms of time. The implementation of the depositary also for alternative asset classes has its origin in the adoption of the AIFM Directive in 2011, which, in addition to other extensive regulatory and administrative requirements, also specifies the principles of the depositary&#039;s tasks. The subsequent Level II Regulation then specified the duties of the depositary and the contractual relationship between the German IMI and the depositary. The depositary finally acquired a binding legal character with the introduction of the KAGB in 2013, which, together with the Level II Regulation, forms the legal framework with regard to the depositary&#039;s tasks and duties. The legal framework for the depositary at EU and German level is therefore as follows: For alternative asset classes such as Private equity funds (hereinafter referred to as &quot;PE funds&quot;) that do not acquire and manage typical assets that can be held in custody, the legislator has provided for a trustee in the form of a trustee pursuant to Section 80 para. 3 KAGB created a so-called &quot;alternative depositary&quot;, which can be a constructive and reasonable alternative to a classic custodian bank solution for the responsible bodies of the KVG. The trustee, typically an auditor, tax advisor or lawyer, performs the duties of a depositary in the course of his or her professional or business activities. In a letter dated July 18, 2013, BaFin issued a more specific statement in this regard in a &quot;Merkblatt zu den Anforderungen an Treuh\u00e4nder als Verwahrstelle nach \u00a7 80 Absatz 3 KAGB.&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fyb.de\/en\/produkt\/alternative-depository-for-private-equity-funds\/\" \/>\n<meta property=\"og:site_name\" content=\"FYB Financial Yearbook\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Ludwig.png\" \/>\n\t<meta property=\"og:image:width\" content=\"334\" \/>\n\t<meta property=\"og:image:height\" content=\"298\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/alternative-depository-for-private-equity-funds\/\",\"url\":\"https:\/\/www.fyb.de\/en\/produkt\/alternative-depository-for-private-equity-funds\/\",\"name\":\"Alternative depositary for private equity funds - FYB Financial Yearbook\",\"isPartOf\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/alternative-depository-for-private-equity-funds\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/alternative-depository-for-private-equity-funds\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Ludwig.png\",\"datePublished\":\"2017-08-01T08:07:53+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/alternative-depository-for-private-equity-funds\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.fyb.de\/en\/produkt\/alternative-depository-for-private-equity-funds\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/alternative-depository-for-private-equity-funds\/#primaryimage\",\"url\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Ludwig.png\",\"contentUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Ludwig.png\",\"width\":334,\"height\":298},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/alternative-depository-for-private-equity-funds\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.fyb.de\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FYB Shop\",\"item\":\"https:\/\/www.fyb.de\/en\/shop\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Alternative depositary for private equity funds\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.fyb.de\/en\/#website\",\"url\":\"https:\/\/www.fyb.de\/en\/\",\"name\":\"FYB Financial Yearbook\",\"description\":\"For Your Business\",\"publisher\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.fyb.de\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.fyb.de\/en\/#organization\",\"name\":\"FYB Financial Yearbook\",\"url\":\"https:\/\/www.fyb.de\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.fyb.de\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2020\/06\/logo.svg\",\"contentUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2020\/06\/logo.svg\",\"caption\":\"FYB Financial Yearbook\"},\"image\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Alternative depositary for private equity funds - FYB Financial Yearbook","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.fyb.de\/en\/produkt\/alternative-depository-for-private-equity-funds\/","og_locale":"en_US","og_type":"article","og_title":"Alternative depositary for private equity funds - FYB Financial Yearbook","og_description":"With the introduction of the German Investment Code (Kapitalanlagegesetzbuch, hereinafter KAGB) in the context of the implementation of the Alternative Investment Fund Manager Directive (hereinafter AIFMD), the legislator has, in the interest of investor protection, also created a further regulatory institution for private equity funds, the (alternative) depositary pursuant to \u00a7 80ff KAGB. 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