Depositaries in European Investment Law: Towards Harmonization in Europe

In practice, the same banks and investment firms are acting as a custodian under MiFID II and CRD IV, a depositary under the AIFMD/UCITSD V and a depositary/custodian under IORPD II.

Although the safekeeping activities performed by both are similar, European investment law is inconsistent in in allowing depositaries and custodians to provide cross-border financial services throughout Europe. This book provides an in-depth analysis of the concept of the cross-border provision of financial services under European investment law and the regulation applying to depositaries and custodians under MiFID II, CRD IV, the CSDR, AIFMD, UCITSD V and IORPD II.

The analysis considers whether and to what extent depositaries and custodians are similarly regulated under European investment law and under what conditions a cross-sectoral European depositary passport could be introduced. The book will be warmly welcomed by investors and their counsel, fund managers, depositaries, assets managers, administrators, as well as regulators and academics in the field.