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Article 85 Cash monitoring — general requirements

United Kingdom

Original text. Later amendments are not shown.

1.

Where a cash account is maintained or opened at an entity referred to in F1rule 3.11.20 of the Investment Funds sourcebook in the name of the AIF, in the name of the AIFM acting on behalf of the AIF or in the name of the depositary acting on behalf of the AIF, an AIFM shall ensure that the depositary is provided, upon commencement of its duties and on an ongoing basis, with all relevant information it needs to comply with its obligations.

2.

In order to have access to all information regarding the AIF’s cash accounts and have a clear overview of all the AIF’s cash flows, a depositary shall at least:

(a)

be informed, upon its appointment, of all existing cash accounts opened in the name of the AIF, or in the name of the AIFM acting on behalf of the AIF;

(b)

be informed at the opening of any new cash account by the AIF or by the AIFM acting on behalf of the AIF;

(c)

be provided with all information related to the cash accounts opened at a third party entity, directly by those third parties.

Annotations

Textual amendments

F1

Words in Art. 85(1) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 34(2) (as amended by S.I. 2019/325, reg. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)